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07 October, 2022
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Cobalt Air to change ownership

The company is very close to a deal with investors from Israel

Maria Eracleous

There is finally and end to scenarios that spoke of liquidity issues at Cobalt Air. The company is very close to a deal with investors from Israel.

While the talks are ongoing, there are signs that a deal is certain. According to Kathimerini the predominant investor is a large group of companies involved in the air transport sector, which has been working with companies such as Airbus and Boeing and it is reported that they are interested in a long term investment.

The deal is expected to change the shareholding structure of the company, as the new investors will pursue majority stake in the firm.

Kathimerini is aware that the changes in the shareholding structure of the company include the departure of existing shareholder AJ Cyprus, which belongs to Chinese AVIC Joy Air. AVIC currently owns 49% of the shares. Apparently more developments are on the way for the new investors to establish majority control of the air carrier.

It should be noted that in addition to AJ Cyprus, Perneria Holdings and Pictet Capital Ltd are the current owners of the firm.

At the same time, the company attributes the liquidity problems to a difficulty by Chinese investors to provide additional capital.

Representatives of the company have already presented their account of events during a meeting held yesterday with the Air Transport Licensing Authority. Sources from the company said that the changes do not affect the services provided by the airline, flight operations continue as scheduled.

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