Middle East Airlines may bid for Cyprus Airways stake
Lebanon’s leading carrier Middle East Airlines has announced that it is contemplating to make a bid for a stake in the ailing Cyprus carrier Cyprus Airways.
The state-owned Cyprus Airways Ltd has said that the carrier is unprofitable and in dire straits for quite some time. A turnaround plan for the carrier is also being desperately worked out.
Mohamad el-Hout, Chairman of Middle East Airlines, has said that acquiring stakes in Cyprus Airways will be really potential for the company and this issue is being seriously considered.
Middle East Airlines flights are operated to various Middle East and Asian destinations from the Lebanese capital Beirut.
Cyprus Airways suffered losses amounting $38.10 million in the first half of 2011. In the wake of deepening Europe’s debt crisis, Cyprus Government has already indicated that it is ready to consider offers for a stake in Cyprus Airways.