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CRAL-R-A - Croatia Airlines Dd News Story

HRK140 0.0  0.0%

Last Trade - 28/06/17

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £190.5m
Position in Universe th / 640

Croatia seeks investors for sale of 49 pct in flag carrier

Mon 28th October, 2013 11:41am
ZAGREB, Oct 28 (Reuters) - Croatia invited investors on Monday to express interest in buying 49 percent of troubled national flag carrier Croatia Airlines (CA)  HRAR.ZA , continuing a drive to sell state assets to help reduce the growing public debt. The deadline for submitting letters of intent is Nov. 27, according to a tender published in local newspapers. According to local media, Indonesia's Garuda, China Southern Airlines and Abu Dhabi-based Etihad Airways, which has this year bought a stake in neighbouring Serbia's carrier JAT, could be among potential bidders. None has yet said it might be interested, though Croatia's transport minister has said Garuda was likely to show interest once the tender is out. The government has not indicated how much it could raise from the sale of a stake in loss-making CA, which is a member of the Star Alliance with Germany's Lufthansa  LHAG.DE . CA has survived the last two decades largely on state subsidies, which are no longer possible after Croatia joined the EU in July.  It posted a net loss of 475 million kuna ($85.9 million) last year and a further 78 million kuna loss in the first six months of 2013.  Croatia is under pressure to cut its budget deficit and public debt. In the past months it has put up for sale the last state-owned local bank, a leading insurer and the cargo section of state railways, and plans to lease out the operation of its motorways.      ($1 = 5.5281 Croatian kunas) (Reporting by Igor Ilic; Editing by Zoran Radosavljevic and David Holmes) (( 1 4899 970)(mobile +385 98 334 053)) Keywords: CROATIA AIRLINE/
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