The Serbian government will inject a further RSD1.82 billion dinars (USD15.14 million) into Air Serbia (JU, Belgrade Nikola Tesla) which will bump its shareholding in the flag carrier to 83.58%, while Etihad Airways’ stake will decline to 16.42%, the news channel N1 reported.

The recapitalisation, agreed to by shareholders on August 30 and disclosed on September 22, sees the Serbian state becoming the owner of another 1.6% stake or around 1.8 million shares, for which it will pay RSD1,000 (USD8.32) per share.

Together with the last recapitalisation round in December 2020, the Serbian state will have injected a total of USD112.7 million into the carrier to ease its pandemic-hit finances.

“It is hereby decided that Air Serbia will increase its share capital with new contributions, by issuing 1,818,820 ordinary shares to the shareholder, the Republic of Serbia, without publishing a prospectus,” the decision on a closed stock issuance declared.

“The right of preemptive subscription is cancelled for other shareholders, due to the determined current inability of Etihad Airways to participate in the necessary recapitalisation of Air Serbia,” it added.