By Nation Correspondent
His Highness the Aga Khan has offered his majority stake in an Italian
airline for sale.
This will enable the airline, Meridiana, to seek a strategic partner
to strengthen its competitiveness in the market. Meridiana is Italy's second
largest privately owned airline after Alitalia.
Born in 1963, to serve Costa Smeralda integrated resort, the Sardinia
based airline has grown from an eight-seater Beechcraft to a 21 jet airline
serving both Italian and European destinations. The resort was developed
by the Aga Khan.
The Aga Khan has decided that the airline has reached a stage in its
development where it needs a strong business alliance in order to secure
its future development.
He has therefore decided to offer his 79 per cent controlling stake
in the airline in order to encourage the widest possible interest especially
from European airlines.
Meridiana has a positive track record of expansion. Last year, it ferried
more than three million passengers for a turnover of nearly $330 million.
It recently upgraded its fleet which now comprises of 17 MD-820s and 4
BAe 146-200s.
The airline, based in Olbia Costa Smeralda airport, Sardinia, recently
constructed a new hangar in Olbia to improve efficiency in addition to
maintenance capacities in both Olbia and Florence. The new hangar will
begin operating next month.
The Aga Khan made a significant contribution in the creation of a vibrant
tourism-based industry in Sardinia with Meridiana being a key element.
However, he has in the recent past, cut back his personal involvement
in tourism in Italy, focusing instead on institutional expansion of the
Aga Khan Development Network in social, economic and cultural sectors in
Africa and south and central Asia.
KPMG corporate finance and Lloyds TSB Bank of London will negotiate
with interested parties on behalf of the Aga Khan.
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