Cyprus Airways is changing hands

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The market from a large European group of the company that bears the name of the state-owned carrier is positive.

The S7 Group, the largest private airline group in Russia, which includes S7 Airlines, plans to sell its 36.875% stake in Cyprus Airways.

The S7 joined Charlie Airlines, which operates under the name Cyprus Airways, in 2016. The S7 was interested in studying the specifics of operations based on a European certification body, but all that has changed since the pandemic.

The decision to sell Cyprus Airways’ stake will allow the Group to prioritize its efforts in the Russian market, which presents its own challenges and opportunities, according to the Aviator website.

The cost of financial investments in shares at the end of 2020 amounted to 5.5 million US dollars. Charlie Airlines acquired the right to operate flights under the name of the national airline of Cyprus for 10 years in 2016, for $ 2.3 million.

The Aviation Cyprus Airways report uses two A319 aircraft from the S7 Airlines fleet, however the two aircraft have been stranded since July 15, 2020. It is not known whether these aircraft will remain with the airline.

Cyprus Airways denies the report of the two stuck aircraft, noting in Economy Today that the company operated its flights normally until last March.