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Hes aid that Canada Jetlines plans to start flying in the fourth quarter of this year. The startup’s shares are quoted on the Canada bourse and at present financing is being attracted to the company.

“This project is interesting for us in order to solve capacity issues and find flights during the winter season because Canadian market has a different seasonality. We hope that attraction of investors will be successful because in Canada foreign investors may not own more than 45 percent of the airline’s capital,” said Surintas.

Asked why Canada has been chosen over a market in Europe, the company representative said that there are just a few large airlines in Canada, such as Air Canada and Westjet, but in the European market the competition is too big.

SmartLynx Airlines was established in 1992. In 2018 the company’s turnover was EUR 140,952 mln, up 23.5% from 2017, while the company’s profit reached EUR 18.952 mln, growing fourfold in a year, according to Firmas.lv business database.

SmartLynx Airlines belongs to Smart Aviation Holding which is owned by Cyprus-registered company Celastina Ltd, and the true beneficiary is an Icelandic citizen. The company is registered in Latvia. SmartLynx specializes in full-service aircraft lease services. The airline also ensures full charter operation for its home markets in Latvia and Estonia