airBaltic (BT, Riga) shareholders voted to finalise an increase in the company’s share capital during an AGM on Tuesday, April 14. As such, on the back of previous injections, its share capital now stands at EUR82,634,635 (USD89.29 million) with government holding 99.8% or 82,633,604 shares.
In a statement, the Latvian carrier said that in line with its European Commission-approved restructuring plan, it had begun the process of increasing its share capital in 2011 but that a series of court cases had consistently deferred its consummation.
Leading up to the AGM, the Riga Regional Court (Rīgas Apgabaltiesa) on Monday, April 13, ruled in favour of the Ministry of Transport, blocking a creditor's claim on 224,453 registered shares in JSC Air Baltic Corporation that belong to government.
"This is a very positive sign," Minister of Transport Anrijs Matīss said. "Since 2011, and this question has already been raised many times, various court decisions have prevented the completion of the share capital increase. Completion of the increase makes the company more attractive in the eyes of potential investors."
With a fleet of eight B737-300s, five B737-500s, and twelve Dash 8-400s, Air Baltic serves almost sixty destinations located throughout Europe, Scandinavia, Russia, the CIS, and the Middle East.
