Montenegro’s Deputy Finance Minister, Ivan Petrovic, has announced that Etihad Airways, El Al Israel Airlines and Arkia Israel Airlines, have purchased the documents in a tender to buy 30% of Montenegro Airlines, which is 99.88% owned by the government.
The airlines also have the option to increase the holding in two years and broad management rights. The tender closes on December 15.
Although Montenegro Airlines had €60 million in revenue and a negative Ebitda of €1.18 million euros, the government is seeking to find a private owner to help develop and expand the company.
The entired company was valued by the Montenegro Government’s Privatization Council at €25.68 million.