With a view to concentrate on its principal activities, Lithuanian national carrier Lithuanian Airlines has decided to sell the shares in its subsidiaries

With a view to concentrate on its principal activities, Lithuanian national carrier Lithuanian Airlines has decided to sell the shares in its subsidiaries: catering company UAB Aero-Chef-LAL (50.8% shareholding), tour operator UAB Aviaturas & Partners (52% shareholding) and regional airline AB Aviakompanija Lietuva (Air Lithuania) (100% shareholding). The 100% share portfolio of public stock company Aviakompanija Lietuva (Air Lithuania) will be sold through open tender procedure. The initial price for the shares is LTL 715 thousand (app. EUR 207,000). According to the Company Law of Lithuania, the other present shareholders of closed stock companies Aero-Chef-LAL and Aviaturas & Partners have a pre-emptive right to acquire the shares, but Lithuanian Airlines may also sell the shares to other potential investors. “Lithuanian Airlines sells the shares in the subsidiaries to concentrate the attention and resources on the principal activity of the company. The income from sale of the shares in subsidiaries would be invested into our airline”, commented Mr. Zvinys, Director General of Lithuanian Airlines. The principal activity of Lithuanian Airlines is carriage of passengers and cargo on scheduled and charter flights. The company also provides ground-handling services at Vilnius International Airport and maintenance in compliance with JAR-145 requirements. Lithuanian Airlines is expected to gain LTL 2.2 million net profit in 2003.