In a statement on Tuesday evening, CSE said that after receiving the approval of the Cyprus Securities and Exchange Commission it will proceed with the delisting of the shares. Because there are no conditions for the smooth operation of the stock market on the titles of the company and the company does not fulfil significant obligations, it puts at risk the interests of investors.
The national carrier is now under scrutiny by the European Commission for receiving some €75 million in state aid.
Should the Commission’s competition directorate decide there was a breach of state aid rules then the company would be forced to return the amount, essentially bankrupting it.
The Government has decided that Cyprus Airways needs a strategic investor to survive in the long run and invited for a non-binding expression of interest.