Estonian Government Sells National Air Carrier Nordica

At a meeting on Thursday, the Estonian government accepted the decision to give the Minister of Climate Affairs permission to divest all of the state-owned shares of Nordic Aviation Group (NAG), which is made up of the airlines Nordica and Xfly as well as several other organizations.

The state will alienate 400,000 NAG shares, each with a par value of €10, and the value of the shares will be decided by competition, according to the government press office.

« Nordica is being sold by the state as it solely provides outsourced services and there is no indication that it will begin providing flight services from Tallinn. Thus, the airline has no strategic significance for the state of Estonia, » the press announcement reads.

Following the receipt of legally binding offers, the government’s decision sets the stage for more in-depth talks with investors and the conclusion of an agreement on the transfer of public assets. The proposals must be delivered to the Privatization Advisor by March 8th.

source: news.err.ee

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