26/11/2009 10:11:06

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

Related content
07 Jun - 
Traffic Data May 2015 ..
03 Jun - 
Date of Transaaction 03 June 2105 ..
19 May - 
Revolving Loan Facility Agreement ..

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

Form 8.3 - AXA INVESTMENT MANAGERS S.A.: Synergy Health PLC

01/07/2015 15:21:35
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.3 - Royal Dutch Shell plc

01/07/2015 13:23:54
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.3 - CSR Plc

01/07/2015 09:46:26
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
PayPoint Selects Moki to Manage Deployment of Next Generation Point-of-Sale Terminals
2
Encres Dubuit : Bilan semestriel du contrat de liquidité conclu auprès de la société Gilbert Dupond - 2015
3
Black Hills Corp. Completes Acquisition of Gas Utility Assets in N.W. Wyoming
4
Umicore and Solvay sell SolviCore joint venture to Toray
5
SDRL - Disclosure regarding Sevan Drilling Limited

Related stock quotes

Icelandair Group hf 25.00 0.2% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2015   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.
 
02 July 2015 01:56:01
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150624.2 - EUROWEB6 - 2015-07-02 02:56:01 - 2015-07-02 01:56:01 - 1000 - Website: OKAY