Around one-third of Malta’s national airline, KM Malta Airlines, is set to be privatised, Finance Minister Clyde Caruana announced at a Times of Malta Business Breakfast today.
The partial privatisation is a condition set by the European Commission as part of the deal allowing Malta to replace Air Malta with the newly established KM Malta Airlines, Mr Caruana explained.
The Finance Minister stated that approximately "30 per cent to 35 per cent" of the airline's equity will be sold to the private sector, adding that he hopes this process will take place "as soon as possible."
"It has to happen," Mr Caruana said during a live interview with Times of Malta Editor-in-Chief Herman Grech.
KM Malta Airlines was launched after the Government's efforts to secure EU approval for state aid to Air Malta were unsuccessful. Instead, the Government negotiated a transition to a new national airline, which began operations on 31st March of this year.
In its first six months, KM Malta Airlines has performed well, Mr Caruana noted, operating with just one-third of the workforce that Air Malta previously employed.
While Mr Caruana had hinted at the possibility of partial privatisation when the airline was first announced in October last year, Thursday's statement marks the first time he has confirmed that roughly one-third of the airline will be sold.
No specific timeline was provided for when the sale will take place.
Written By
Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
