NICOSIA - Cash-strapped Cyprus Airways will begin negotiations with strategic investors early next month, chairman Tony Antoniou said yesterday.
“The government on January 22 will complete the committee that will carry out the final negotiations with the strategic investors at the Cabinet so we hope that from early February we will invite the interested investors to negotiations which will be based on their needs and not what we demand,” Antoniou (photo) told reporters.
Not wanting to disclose who these strategic investors are on the grounds of confidentiality agreements, Antoniou said they are “very serious organisations”.
“The investors should not look for an attractive package of a company that was making losses over the years due to accumulated losses but a company proving that it has prospects and profits with a plan that we have tabled to the EU and which is 80% completed before it is approved or not,” Antoniou said.
“These steps are correct points for a major strategic investor who will invest for its own interest and benefits as the capital adequacy of Cyprus Airways is very poor.
“There are other benefits which strategic investors will take into account, like the fact that it is a European airline, its reputation, its first class flight crew and pilots as well as its top level safety and long life span of over 60 years,” he added.
He stressed that CA has managed to stand on its feet, is now facing a smaller danger of closure and will announce positive financial results later this month.
“We are talking about a correct policy to attract the right strategic investors so that Cyprus Airways will not only post profits, if all goes well in 2014, but it will also be able to grow.”