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FINANCIAL NEWS
UAE’s Etihad Airways to buy 40% stake in Air Seychelles
26 Jan 2012
(MENAFN) Abu Dhabi’s Etihad Airways said that it would buy a 40 percent stake in Air Seychelles in a USD20 million deal, reported Gulf News.
The carrier added that it would also provide a shareholder’s loan of USD25 million to meet working capital obligations and support network development, adding that the deal came as part of a strategic partnership between the two firms.
The UAE company also plans to raise the frequency of flights between Abu Dhabi and Mah� from 4 weekly flights to daily flights, moreover, the firm would provide new services to the islands.
It is worth noting that Etihad Airways will work with Air Seychelles to develop a new fleet and network growth plan for the carrier, furthermore, the new partnership will enhance consolidation of major functions, resulting in considerable cost savings.
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