Swiss investment fund takes over the control of flyLAL
3 September 2009
Negotiations with Swiss investment fund SCH Swiss Capital Holdings resulted in the agreement on the sale of shares of flyLAL – Lithuanian Airlines, AB. On 9 January, SCH Swiss Capital Holdings acquired 100% of the shares of flyLAL – Lithuanian Airlines, AB.
“We considered different scenarios for flyLAL – Lithuanian Airlines to continue operations and searched for potential investors to support the business plan prepared for the future. The negotiations with Swiss investment fund started at the end of the last year. The investors conducted a thorough analysis of the situation in the aviation market and business prospects of flyLAL – Lithuanian Airlines. Agreement to sell 100% of shares was signed earlier today. We can assure our passengers and partners that flyLAL – Lithuanian Airlines continues it’s operations as usual”, said CEO of flyLAL – Lithuanian Airlines Vytautas Kaikaris.
The parties also agreed on additional actions to be carried out before the final takeover of the airline’s control by SHC Swiss Capital Holdings takes place. Upon fulfilment of all obligations, the agreement will come into effect on the 23rd of January, 2009.
Chairman of the Board and CEO of SCH Swiss Capital Holdings Jan Erik J. Jansson stated that the Swiss investment fund is taking over flyLAL – Lithuanian Airlines as a strategic investor. flyLAL – Lithuanian Airlines, AB will be further developed as a regional European airline. According to Mr. Jan Erik J. Jansson, the company’s reorganisation and further activity plan will be prepared during next few weeks.
Under the signed agreement, SCH Swiss Capital Holdings acquired all shares from the shareholders of flyLAL – Lithuanian Airlines, AB: ŽIA Valda (40.73%), Indeco: Investment and Development, UAB (27.15%), Sanitex, UAB (22.63%), and VA REALS, AB (9.49%).
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