Shareholders of Aegean Airlines (A3, Athens) have approved a EUR13.5 million euros (USD13.7 million) share capital reduction to write off an equivalent amount of the prior year’s losses, the company announced.

The share capital reduction of EUR13,525,065 (USD13,814,561) was achieved through a reduction of the nominal value of each common registered share from EUR0.65 (USD0.66) to EUR0.50 (USD0.51) per share, resulting in the company’s share capital amounting to EUR45,083,550 million (USD46,033,943) corresponding to 90,167,100 common registered voting shares, with a nominal value of EUR0,50 (USD0.51) each.

The decision follows an ordinary general meeting of shareholders on July 7, 2022.

The company’s shares will be trading on the Athens Exchange with the new nominal value of EUR0.50 (USD0.51) per share, starting on August 1, 2022.

This follows a share capital increase of EUR60 million (USD73 million) a year ago, a condition to Aegean Airlines unlocking the disbursement of EUR120 million (USD146 million) in European Commission sanctioned state aid.