German's take 49% stake

Published: 6/29/2000

German investment company Unistar Ventures, financed by Dresdner Bank, has taken a 51%shareholding in the state airline of Moldova, Air Moldova . The airline is now 51% owned by the Moldovan government and 49% by the Germans. According to Afanasy Eshanu, Deputy General Director of Air Moldova, the airline plans to take a financial lease on two Embraer-145 regional jet aircraft. The term of the lease will be ten years at a total cost of $36-37 m. The aircraft will replace the Tu-134s currently on routes to Moscow, Prague, and Antalia. The airline is also considering the take up of leases on two Embraer-120s to replace the four An-24s operated by the airline, which are being sold or leased out.The funding coming from $36m promised by Unistar to the airline. In addition to the eight An-24s, the airline also operates five Tu-134, which are reported to be close to their life limits.

Article ID: 1887