Prague - Asian flag carriers Qatar Airways and Korean Air have expressed binding interest in buying Czech Airlines (CSA).
Both companies are strong enough to become a reliable strategic partner for the loss-making Czech national carrier, said Finance Minister Miroslav Kalousek (TOP 09) in an interview with Aktualne.cz.
"I must admit were are all honored by the interest of these investors. They are, without any doubt, reliable and strong. Given the region they come from, it makes entrepreneurial sense to include CSA in their network. We believe that either of the two is able to provide CSA with development and good prospects," said Kalousek.
CSA is the Czech Republic's largest air carrier as well as one of the oldest still-operating carriers in Europe. Since September 2012, it is a member of Cesky Aeroholding, a state company that also owns Prague Airport and some other airline companies.
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"At my direction, Aeroholding approached 50 companies that met the criteria of a strategic investor. Each of them had time until November 30 to say whether they wanted to participate in the competition or not. The second round starts now. This means that the two that have joined are the definitive number. Now they will present their offers."
"We want to have their preliminary offers by the end of January (2013), basically a business aim, how they see the future and development of CSA, how they plan to incorporate it into their structure and build their second hub here. By the end of February, we will want a binding offer, included price," said Kalousek, adding that a final decision should by made by April 2013.
"If everything goes well, the shares will be transferred during the second half (of 2013)."
"Given the fact that the investors are not from the EU, they may buy only a minority stake... The maximum they can buy is 49 percent, because if they bought more, CSA would lose the status of European carrier."
Kalousek also said he is in favor of abolishing the condition that the majority owners of European carriers must be from the EU.
The value of CSA was most recently estimated at CZK 150 million (EUR 6 million), said Kalousek, adding that the purpose of the privatization is not to raise money, but to secure long term development of CSA.
