December 22, 2008
Turkish Airlines on Monday signed a deal to buy a 49 percent stake in Bosnia's Muslim-Croat federation flag carrier BH Airlines.
Under its first joint venture deal Turkish Airlines will cover the EUR5 million euros (USD$6.98 million) cost of leasing two aircraft and invest an additional EUR5 million in BH Airlines, its chief executive Temel Kotil said.
"Our aim is to help BH Airlines increase its fleet, improve the services and expand the links Europe-wide," Kotil told a news conference after he signed the contract with Prime Minister of Bosnia's Muslim-Croat federation Nedzad Brankovic.
The federation government owns a 51 percent stake in BH Airlines.
Turkish was picked as the best bidder in an auction for BH Airlines in October. Malaysia's Comintel and a Jordanian consortium that included Royal Jordanian Airlines were among firms that made binding bids for the stake in the company.
Kotil said that Turkish Airlines plans an ambitious expansion program to become one of Europe's leading airlines and pledged to assist BH Airlines in following the suit in the Balkans.
According to the contract Turkish will in two months provide BH Airlines with a Boeing 737, and with another Airbus passenger plane in 2010.
It will keep all BH Airlines employees and the company's name and headquarters.
BH Airlines went bankrupt in 2003 but resumed operations in 2005 after a deal with Hypo Alpe Adria Bank to settle most of its debt. It employs 89 people and transported about 70,000 passengers in 2007.
Following the deal BH Airlines expects to increase its share of the Bosnian air travel market to 30 percent from the current 15 percent.
(Reuters)
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