Serbian government increases its share in Air Serbia to 83.58%

Thanks to a new capital increase, the Serbian government now officially owns 83.58% of the national airline Air Serbia.

A further 1,818,820 new shares of the state-owned airline Air Serbia were issued in the Central Register of Securities, and thus the share of the second largest shareholder, Etihad Airways, fell to 16.42%. The state increased its ownership stake in the national airline by paying 1.82 billion dinars, or EUR 15.47 million, increasing its ownership share to 83.58%, while Etihad’s share was reduced from 18.03% to 16.42%.

Together with the previous recapitalisation in December 2020, the Serbian state now has a stake in Air Serbia’s capital worth EUR 115.47 million. Etihad Airways, as a minority shareholder, did not have the right of first refusal to purchase these shares ‘due to Etihad Airways’ current established inability to participate in the necessary recapitalisation of Air Serbia’.

During the pandemic, the Serbian airline shared the fate of all airlines in the world, operating at a loss. In 2020, the loss was slightly over five billion dinars, while the deficit in Air Serbia’s coffers a year later was two billion dinars.

Before the pandemic, in 2019, Air Serbia was operating in green. That year it recorded just over nine million euro profit, but at the same time it also received state aid of around 20 million euro. Analyses show that during the five years prior to the pandemic, the state ‘poured’ around 200 million euro into the budget of the flag carrier.

(, 29.09.2022)



This post is also available in: Italiano

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