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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 14:17

Montag-Girmes to pay EUR 52 mln in airBaltic by late March

BC, Riga, 05.02.2016.Print version
German businessman Ralf Dieter Montag-Girmes, the investor in Latvia's national carrier airBaltic, has promised to make the planned investment of EUR 52 million in the airline by the end of March 2016, the investor said in a press briefing yesterday, cites LETA.

Explaining the long time that was needed to sign the investment agreement with airBaltic, the investor pointed at the Christmas and New Year's holidays and different technical issues that had to be coordinated before signing of the agreement.

 

He said that the transaction could be completed in late March when he will pay the EUR 52 million investment in airBaltic.

 

He also said that three agreements were signed on Thursday – the shareholders agreement, regulating the relations between the state and the investor, the loan agreement and the agreement on giving a 20 percent stake in airBaltic to the investor.

 

airBaltic board chairman Martin Gauss confirmed once more that the agreement signed with the investor does not provide for purchase of Russian-made Sukhoi Superjet aircraft.

 

National airline airBaltic shareholder agreement was signed between the Latvian government and German businessman Ralf-Dieter Montag-Girmes on Thursday.

 

Under the deal, a total of EUR 132 million of fresh capital will be invested in the Latvian carrier for fleet modernization and its new Horizon 2021 business plan.

 

In November 2015, the government approved the plan to sell 20 percent of airBaltic to Montag-Girmes for EUR 52 million and agreed to invest a further EUR 80 million in the airline. Under the deal, the German investor will hold 20 percent of shares in the carrier, while the remaining stake will be held by the Latvian government.






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