Thursday, September 6, 2012

NEWS | Air Malta sells UK subsidiary to SMS Group

Air Malta sells UK subsidiary to SMS Group

Air Malta chief executive Peter Davies
Air Malta said today it has concluded an agreement with the Malta based SMS Group for the sale of its UK based tour operator subsidiary, Holiday Malta.

The transaction followed a rigorous process of competitive bidding and remains subject to the necessary regulatory approval and finalisation of this sale is anticipated shortly.
Commenting on this sale Peter Davies, Chief Executive of Air Malta said, “Air Malta continues to deliver on its obligations and performance measures set forth in the approved EU Restructuring Plan.
“The aim of this transaction is two-fold, to divest ourselves from non-core operations and concentrate specifically on the airline operations and to continue to raise funds and contribute ourselves to the restructuring process.
“This is in-line with the EU Commission’s requirements that for every euro the airline received in assistance in the form of state aid, it has to raise an equal amount from the airline’s own contribution.”



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