The federal government of the Seychelles has recovered full possession of Air Seychelles following an settlement with Etihad Airways.
The United Arab Emirates flag-carrier had taken a stake within the Indian Ocean airline in 2012 as a part of a wider fairness funding technique.
Now, after months of negotiations, the Seychelles authorities can pay simply US$1 to get well the 40 per cent share.
The Center East-based airline has been trying to divest its overseas airline investments within the wake of the Covid-19 pandemic.
On account of the deal, Air Seychelles will now be totally state-owned and plans to restructure its board in June.
Incumbent executives at Air Seychelles, together with chief government Remco Althuis, and Michael Berlouis, chief monetary officer, will stay in place till then.
The brand new board can be led by Nane Nanty as chairperson, with Alan Mason as co-chairman.
Along with relinquishing its stake, Etihad has agreed to chop the debt it’s owed by Air Seychelles by 79 per cent.
Air Seychelles owes Etihad money owed exceeding $72 million, which each events have been negotiating to restructure.
After the reduce, Air Seychelles can pay $11 million somewhat than the complete $72 million.
The Etihad stake