Turkish Airlines Ends Bosnian Joint Venture
Turkish Airlines said its board of directors decided to end its partnership with Bosnia's B&H Airlines, which dates back to December 2008 when the Turkish company bought 49 percent of the Bosnian peer.
Under the decision, Turkish Airlines will transfer back its shares to the government of Bosnia's Federation. The Federation's government now controls almost all remaining 51 percent of its flag air carrier.
Turkish Airlines provided no reasons for its decision to leave Bosnia in a short note on its website but said it will make a public announcement once the share transfer agreement is signed.
B&H Airlines passenger numbers decreased 43 percent in the first quarter of this year after flights to Amsterdam, Vienna, Dusseldorf and Stockholm, among others, were cancelled in 2011 and the beginning of 2012, EX-YU Aviation News reported.
According to the report, the Federation's government is unlikely to find soon a new partner for the troubled air carrier, even if it decides to look for one, since it insists on keeping the majority 51 percent stake in state hands.
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