Latvian opposition party Combined List (AS) wants the Saeima’s Budget and Finance Committee to review the financial situation in airBaltic, as explained in the party’s statement to the media.
Members of AS claim they do not have access to information concerning airBaltic’s financial situation. This is why this issue should be reviewed by a Saeima committee.
As previously reported, it was originally planned to evaluate the work done by the Council of airBaltic at today’s shareholder meeting. However, the evening of the day before, the Ministry of Transport announced the decision to dissolve the council on the 11th of February.
It is possible the airline will have found a strategic investor by then. According to unofficial information, the strategic investor in question may be Germany’s Lufthansa.
The current council consists of Klāvs Vasks, Andris Liepiņš, Kaspars Ozoliņš and Lars Thuesen. The first three will leave the council. It was planned to evaluate the council’s work on Tuesday, the 21st of January, at an airBaltic shareholders meeting. However, the evening prior the Ministry of Transport released an announcement of the council’s dissolution.
The agreement between the parties stipulates that the current council will continue performing its duties until the next shareholders’ meeting on the 11th of February in order to “ensure a responsible and organised transition of the company’s management.” At the February shareholders’ meeting, it is planned to elect a new council.
The agreement on the dissolution of the council was signed by airBaltic Council Chairman Klāvs Vasks and council members Ozoliņš and Liepiņš.
On the 30th of August 2024, the Latvian government agreed behind closed doors for the Latvian state to retain at least 25% plus one share in airBaltic after the initial public offering (IPO).
Minister of Transport Kaspars Briškens previously explained that ongoing negotiations with airBaltic’s strategic investor do not touch on the topic of the sale of the controlling package of shares, rather the acquisition of minority shares before IPO, going into IPO or during IPO.
According to unofficial information, the strategic investor for airBaltic may be Germany’s national Lufthansa airline. This airline may initially acquire around 10% of shares.
So far Briškens has neither confirmed no denied if Lufthansa is the strategic investor in question. He is also quiet about the amount of shares and for how much they could be sold to the investor. “Work continues. There must be mutual agreement to disclose such information. As soon as the transaction documents are closed, both parties will comment on it,” the minister said.
airBaltic carried a total of 5.2 million passengers in 2024, up 13% from the year before, and 47,000 flights, up 7% from the year before.
The audited turnover of airBaltic in 2023 was EUR 664.289 million, which is an increase of 33.2% compared to 2022, as well as the company made a profit of EUR 33.852 million as opposed to losses a year earlier.
Latvian state owns 97.97% of shares in airBaltic. Aircraft Leasing 1, which is owned by financial investor, Danish businessman Lars Thuesen, owns 2.03% of shares.