26/11/2009 10:11:06

- Icelandair Group sells 20% of its share in the Czech airline Travel Service.

Related content
21 Apr - 
Publishing of Q1 2017 results
18 Apr - 
Transactions in relation to share repurchase program – ..
09 Apr - 
Transactions in relation to share repurchase program – ..

Yesterday Icelandair Group signed an agreement regarding the sale of 20% of its

share in the Czech airline, Travel Service. After the transaction Icelandair

Group holds a 30% share in Travel Service. The acquirer is Canaria Travel,

which is under the same ownership as Icelandair Group's co-owners in Travel

Service.

After the sale Travel Service becomes an affiliated company instead of being a

subsidiary. The effects of the sale on the income statement are negative by

ISK 0.9 billion and equity decreases by ISK 1.5 billion. The Group‘s total

assets decrease by ISK 12 billion. With this sale Icelandair Group will not

participate in the financing of Travel Service's expansion.

Björgólfur Jóhannsson, CEO of Icelandair Group:

“As an Icelandic company with balance sheet that is being restructured, it is

difficult to support the financing of our foreign subsidiaries. Effectively,

our majority holding has affected the company‘s bank relations in the Czech

Republic. Travel Service is a solid company and has returned good operating

results, however it is foreseen that it‘s operating environment in the near

future will be challenging. It is considered beneficial for both companies to

sell our co-owners in the Czech Republic 20% of the shares, thus they become a

majority shareholder in Travel Service”.

For further information contact:

Björgólfur Jóhansson, CEO of Icelandair Group Tel: 354-896-1455

Bogi Nils Bogason, CFO of Icelandair Group Tel: 354-665-8801

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Alliance Trust PLC : Net Asset Value(s)

24/04/2017 15:58:47
ALLIANCE TRUST PLC                                    At the close of business on Friday 21 April 2017: The Company's NAV per ordinary share, valued on a bid price basis with Debt at Par, was -       excluding income, 707.7p -       including income, 715.1p  The Company's NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was -       excluding income..

OZ Management LP : Form 8.3 - Standard Life plc

24/04/2017 12:50:48
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: OZ Management LP and Och-Ziff Management Europe Ltd ..

Form 8.5 (EPT/RI) - Booker Group plc

24/04/2017 08:15:35
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY 1.         KEY INFORMATION (a) Name of exempt principal trader:   Investec Bank plc   (b) Name of offeror/offeree in relation to whose relevant se..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Butler students launch Bermuda-based captive insurer
2
UPDATE – Religious Studies Students Welcome at the Church Of Scientology Information Center
3
Foxminers Launches Revolutionary Mining Chip
4
Novartis real-world data at AAN confirms benefit of Gilenya® on four key measures of disease activity in relapsing MS
5
Fire at Yara Porsgrunn plant

Related stock quotes

Icelandair Group hf 13.55 2.7% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
24 April 2017 18:11:10
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170403.1 - EUROWEB5 - 2017-04-24 19:11:10 - 2017-04-24 18:11:10 - 1000 - Website: OKAY