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Emirates sells stake in Sri Lankan
Posted on 13 July 2010 in Air Transport
The Enirates Airlines group has completed the sale of its shareholding in SriLankan Airlines which it has held for 12 years.
The Dubai airline owned more than 40% of the shares and has agreed a ten year management deal with the Sri Lankan government-owned airline from 1998.
According to sources in Colombo the Government paid $53 million for the Emirates' stake through the state-owned Bank of Ceylon. The additional 43.63% stake now gives the government a 94.68% share in the airline. SriLankan's employees hold the remaining 5.32%.
Emirates returned management control of the airline to the government in April 2008 after a public row between the two parties and discussions over the value of the Emirates' stake has been ongoing for the last two years. In the meantime SriLankan has developed closer ties with UAE national carrier – and emirates rival – Etihad.
SriLankan is now focussing on returning to profit and to the service reputation it enjoyed during the Emirates management reign when it was headed by Peter Hill, now head of Oman Air. SriLankan reportedly suffered losses of $88.17 million in 2009.
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Read full storyACS Dubai manages large security personnel movement for Iraq
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Read full storyEmirates to pull out of Virgin Blue codeshare after Etihad deal
Gulf Air's first photo and video contest draws thousands of entries
Smart's order for Q400s is confirmed
IATA sees demand continuing to strengthen
NAS in maintenance agreement with Lufthansa Technik
Ruag gets new version of Dornier 228 back in the market
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Qatar Airways to begin Chicago freighter service
Emirates tops the financial league table
Qatar Airways receives 20th Boeing 777 aircraft
Middle East and Africa see strong increase in passenger demand
Etihad's US-bound customers switch to T3 at Abu Dhabi Airport
Air Arabia sticks with CFM for its new A320s
Etihad to take delivery of new freighter today
Gulf Air's latest delivery puts it on renewal target
FARNBOROUGH: Goodrich applies the brakes for Qatar
Emirates places order for 30 Triple Sevens
Engine Alliance celebrates a ton up on A380 powerplant
Taste of the future from Royal Aeronautical Society
Royal Air Maroc to acquire low cost operator to boost tourism
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Royal Air Maroc rises to the challenge
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Etihad to open its own premium lounge at Manchester
Etihad Airways is to open a premium lounge in Manchester. It will be the third Etihad lounge to open outside of the airline's home base in Abu Dhabi. The new lounge, which will open later this year in Manchester Airport's Terminal
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Airlines are more concerned with generating revenue from additional products and services than any other sector, according to new research carried out by incremental revenue specialists Collinson Latitude.
Treble chance - NAS Air has three selling points for survival
Budget airlines have come only recently to the Arabian Gulf but the marketplace is rapidly filling up. Air Arabia , Jazeera Airways, flydubai and Sama are among those fighting it out for market share in the region.
Mahan proves that charity begins at homw
It's not often that a charitable organisation starts an airline. It is even less often that such an airline becomes an international carrier spanning two continents. That, however, is precisely the story behind Mahan Air, currently the
US is the key to Etihad growth says Hogan
Etihad Airways' chief executive James Hogan said today that the United States of America remains a largely untapped market for Etihad Airways and spoke of how the airline's new Chicago service is set to become an important driver to the
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