Source: STA

As reported by Slovenian Press Agency, the sale of national flag carrier Adria Airways, one of the 15 companies slated for privatisation, has entered the next stage, as the financial advisor in the sale issued a call for an expression of interest for a 91.6% stake in the company.

“Adria Airways is a unique investment opportunity being a European national flag carrier with a global reach and a recognisable brand name,” KPMG said as it published the call in business newspaper Finance.

Adria last year transported over 1.1 million passengers on its 30 regular routes in Europe and charter flights to various destinations.

The company has the biggest market share in Slovenia and a strong position in the Balkans and the Central Europe though its secondary bases in Pristhina, Tirana and Lodz, Poland, according to KPMG.

Nearly 70% of the company is directly controlled by state, while the Bank Asset Management Agency (BAMC) holds nearly 20% stake and the Slovenian Sovereign Holding (SSH) a 2% share. The owners signed an agreement on a joint sale of a combined 91.58% stake at the beginning of January, while KPMG was selected as the financial advisor in the sale in March.

This is the second attempt at selling Adria, after an international call for bids published in August 2012 fell through.

Back then a 74.87% share was on sale. Apart from the state, the banks NLB, Abanka Vipa, PDP, Hypo Alpe Adria Bank and Unicredit banka Slovenija were selling their stakes

Adria Airways transported 203,633 passengers in the first quarter of the year, which is 8% more than in the same period in 2014. Business results for this year have not been disclosed yet.

In 2014, the national flag carrier transported a total of 1.113 million passengers, 917,000 on its regular and 196,000 on its charter routes. Net profit stood at EUR 921,000, while operating profit topped EUR 3m.

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