Minister of Finance Kikis Kazamias has said that his Ministry has prepared a proposal to the Cabinet to sell the majority of Cyprus Airways shares.
Speaking at a tourism conference in Nicosia, Kazamias said that “we have already prepared a proposal for the Cabinet to consider at a future meeting. We are asking that a decision is taken by the government – being the biggest shareholder of Cyprus Airways – announcing its readiness to negotiate with a strategic investor or partner, not excluding the sale of the majority of shares”.
Kazamias said that this is the only way to attract someone to show his interest in a company which although it has offered a lot to the country and tourism, from the financial point of view it seems that it is facing problems in the past few decades.
Moreover, Kazamias stressed that decisive action should be taken now.
“We have reached the eleventh hour and we must make a move, unlike any other in the past to solve the problem short term,” he added.