04 October 2006

The Web
Business Today

Air Malta reduces equity

Karl Stagno-Navarra

Lufthansa Technik has increased its equity in the Malta-based company to 75 per cent, following a commercial decision by Air Malta not to invest further into the success-story enterprise.
Speaking to Business Today, Air Malta chairman Lawrence Zammit confirmed that the national airline’s shareholding at Lufthansa Technik now stands at 25 per cent.
“The decision is purely commercial, as Air Malta is concentrating on what is purely core business,” he said.
Established in 2003 as a partnership between the two airlines, with a 51 per cent shareholding by Lufthansa and 49 percent for Air Malta, Lufthansa Technik has recently upgraded its operations, and as from last Monday doubled its ‘C-Check’ capacity – the technical certification for aircraft revision.
Through Lufthansa Technik’s injection of an additional Lm2 million into the Malta operation, the company has started to work on two aircraft at the same time.
Louis Giordmaina, chief executive officer at Lufthansa Technik Malta, explained that the investment reflects the company’s faith in Malta and in it’s workforce.
“Since the beginning of our operations in 2003 we have worked and C-Checked no less than 205 aircraft,” he said.

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