The Maltese government has confirmed it has incorporated a new wholly-owned company, Malta Air Travel Limited, which will assume ownership of the slots Air Malta (KM, Malta Int'l) owns at various airports.

In a statement, the government said the company would have an authorised share capital of EUR70 million (USD84 million). Given its intention to acquire landing and take-off slots, the firm is legally required to pursue an Air Operator's Certificate (AOC).

"This strategy supports the government’s objective to transform Air Malta into the airline of the Mediterranean," the state said.

Under the arrangement, Air Malta will then lease the slots from Malta Air Travel Ltd. at an agreed commercial fee for a long-term period.

Earlier this year, chairman Charles Mangion said among the more valuable slots to be transferred to Malta Air Travel Limited would be those at London Heathrow and London Gatwick.

Air Malta currently serves thirty-two destinations across seventeen countries including the Netherlands, the United Kingdom, Belgium, Morocco, Italy, Germany, Switzerland, Ukraine, Portugal, France, Spain, Russia, Czechia, Israel, Tunisia and Austria.