A strategic investor has shown interest in Latvia’s national air carrier, airBaltic, Transport Minister Kaspars Briskens revealed, LETA reports. He suggested that the investor could acquire a minority stake in airBaltic before the company’s possible IPO. Briskens refused to disclose the name of the potential investor. No talks are currently under way with Estonia or…
Estonia’s three-party coalition of the Estonian Reform Party, Social Democratic Party (SDE), and Estonia 200 has published its new coalition agreement, ERR reports. Under the agreement, the coalition pledges to cut the budget deficit to 3% of GDP in 2025 and 2026, and to reduce it further in 2027. The new government will raise most…
The Estonian government has decided to sell the state’s entire stake in Nordic Aviation Group (NAG), operator of national air carrier Nordica, due to the company’s unprofitability and lack of strategic value, BNS reported. Nordica stopped offering flights from Tallinn in 2019 and now primarily provides subcontracting services. The government expects binding offers for the…
The Estonian government plans to split the state-owned energy group, Eesti Energia, into three separate companies, Finance Minister Mart Võrklaev announced, ERR reports. He said that the plan was to list shares of network operator Elektrilevi and renewable energy producer Enefit Green on the stock exchange. However, Võrklaev said that he was no longer in…
Estonia’s state-owned national airline, Nordica, will cease operations, ERR reports. Climate Minister Kristen Michal said that the government would allocate EUR 14.5mn to Tallinn Airport to ensure competitive fees and secure important routes. Another option is for the government to begin procuring direct flights to key destinations. The Ministry of Climate has contacted seven potential…
The Estonian state should consider buying a stake in Latvia’s national air carrier, airBaltic, Riivo Tuvike, CEO of Tallinn Airport, suggested, ERR reports. He argued that this would push airBaltic towards expanding operations at Tallinn Airport, where it is the market leader. Tuvike pointed out that Estonia was a “peripheral country,” saying that state support…
The Latvian government will discuss the listing of state-owned companies and municipal enterprises on the stock exchange in January 2024, LSM reports. The first company to be listed will be national air carrier airBaltic. Finance Minister Arvils Aseradens said that the list would include other companies as well. Enterprises that may be listed include telecommunications…
Estonia’s state-owned airline, Nordic Aviation Group (Nordica), generated consolidated revenue of EUR 85.5mn in the first nine months of 2023, which was up 29.8% from the same period of 2022, ERR reports. The rise in revenue was due to fleet expansion and increased number of passengers. However, revenue remained significantly lower than targeted due to…