Greek company still interested in buying Cobalt - Cyprus Profile

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Articles | 21 November 2018

Greek company still interested in buying Cobalt

The Greek import/export company Diversa appears to be pursuing its interest in acquiring collapsed Cypriot airline Cobalt by making more enquiries with Cypriot financial regulators, reports said recently.

Diversa reportedly sent a letter recently to the Cyprus Securities and Exchange Commission regarding Cobalt’s financial data that appeared to indicate it was planning for now to go ahead.

The Greek company announced two weeks ago it was considering acquiring Cobalt Air. Consultants authorised by the Diversa board of directors were looking into the possibility of acquiring the company Cobalt New Age Airlines Group Limited, owners of 100% of Cobaltair Ltd shares.

Diversa was also considering the transfer of a loan taken out by Cobaltair Ltd.

Its board of directors was to evaluate the data to be collected by the consultants and assess whether the company would go ahead with the investment.

The transport ministry had revoked Cobalt’s commercial and operating licences the day after the company announced it was grounding its fleet on October 17.

Despite being given time, the airline had failed to raise the cash necessary to keep it going. At the end of 2017, Cobalt’s authorised share capital amounted to €3.2m and its total liabilities were said to be €35.3m.

Source: Cyprus Mail

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