30 November 2022, Virtual
12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
Emirates Airline is keeping its cards close to its chest regarding the future of its equity stake in Sri Lankan Airlines.
The Dubai-based airline, responsible for managing Sri Lankan Airlines, has decided to terminate its Shareholder”s Agreement and will only continue in charge until 31 March.
Just why Emirates decided to pull out so suddenly from Sri Lankan is veiled in mystery and although rumours continue to circulate in the Middle East concerning the exact details, the Dubai carrier returned all queries with a straight bat.
”Emirates has notified the government of Sri Lanka that it will not be renewing the Shareholder”s Agreement which expires on 31 March 2008 and accordingly, with effect from 1 April 2008, management control of Sri Lankan Airlines will pass to the government of Sri Lanka,” said Emirates president Tim Clark.
”Emirates will continue to manage the company until 31 March. Emirates will also retain its 43.6% of equity in the company for the time being and continue to have a board presence.”
Calls to both Emirates and Sri Lankan failed to shed any further light on what appears to be an extraordinary management break-up. The fact that the Dubai carrier used the phrase ”for the time being” regarding its 43.6% equity stake would also indicate a fair degree of uncertainty.
Qatar Airways has been touted by regional sources as having a potential interest, but the Doha carrier declined to comment.