Aviation Business

Mega Maldives Airlines denies sale, confirms restructure

Mega Maldives Air (LV, Malé) has issued a statement denying rumours that it is set to sell off a majority stake.

A report in Avas Online claimed that Maldivian businesses had expressed a desire to take a major interest in the airline, with an official announcement to be “made very soon”. The same source said that the share structure of the company would also be affected.

Another site, Sun.mv, went so far as to name businessman Mohamed Manik as the buyer. Sun claimed that Manik will take 51% of the shareholding through a buyout of shareholders Mifzal Ahmed and Mizna Ahmed, leaving CEO George Weinmann with a 49% stake.

In its statement, MEGA reiterated that it is currently undergoing an internal restructure, following a sharp decline in Chinese tourist traffic last year.

“However, to date the company has not traded any shares to any onshore or offshore business entities or individuals either foreign or local. Such an endeavor will be undertaken with due process and in accordance with the Laws of the Republic of Maldives and in line with the Company’s declared policy,” the statement says.

Located just south of India, the Maldives is a tourist-dependent economy. However, 2016 saw a dip in one of its key sources of tourist traffic, China, of almost 11%.

Full details are available from the link below:

Source URL: Bing News :

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