Aeroholding merging into airport co

Aeroholding merging into airport co
30. května 2016 • 16:34
After five years, Český Aeroholding has come to the end of the road. The company is to be terminated through a merger with subsidiary Letiště Praha [Prague Airport], said Český Aeroholding CEO Václav Řehoř. “Český Aeroholding was created as an instrument of restructuring to resolve issues that were plaguing the national airline, and as such it is no longer needed,” Řehoř told E15 daily. The merger would simplify the airport company’s structure and cut costs, he added.

Letiště Praha will become the new parent company by taking over two existing Český Aeroholding units. One is tasked with maintenance, while the other takes care of passenger check-ins and aircraft dispatching. The holding’s stake of less than 20 percent in Czech Airlines [ČSA] will be transferred to state firm Prisko, as reported by E15 daily back in April.

How much Prisko will pay for the shareholding is not yet clear. Řehoř claimed it would be considerably more than what Korean Air and Travel Service paid for their respective shareholdings in the national airline. The Koreans paid CZK 68m when they acquired 44 percent of the carrier three years ago. However, back then they were purchasing the stock of a company in the red, while last year ČSA reported operating profit of CZK 250m.

Český Aeroholding was the brainchild of former Prague Airport and ČSA head Miroslav Dvořák. It was a way of pumping funds into the then near-bankrupt ČSA without risking suspicions of forbidden state support. The company subsequently acquired
individual activities from ČSA, such as maintenance and handling, paying about CZK 3.5bn. Those critical of the approach called attention to how ČSA was in effect being cross-financed from the profits of the airport that was also a subsidiary of Český Aeroholding.

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