TAP would sell its stake in Air Macau if it got “good” offer

17 January 2006

Lisbon, Portugal, 17 Jan – Portuguese air carrier TAP is open to selling its 20 percent stake in Air Macau if it receives a “good” financial proposal, but no negotiations are underway, a Tap spokesperson told Macauhub Tuesday.

“We may sell the stake if a good offer comes along, but we are not desperate to sell,” the spokesperson said.

The sale of the stake in the Macau airline was one of the solutions put forward by TAP’s board of directors, headed by Brazilian Fernando Pinto, to balance the airline’s results, which have been affected by increased fuel prices in the last year.

Currently, the spokesperson said, “there are no negotiations underway and no interest has been shown. If they appear, they will be analyzed,” particularly with a focus on, “the financial proposal.”

The spokesperson declined to comment on the value of the stake but said that TAP’s board of directors had, “valuations available that gave it an exact idea of what a good proposal would be.”

Air Macau’s main shareholder is currently China National
Aviation Corporation (Macau), which holds a 51 percent share.

Part from TAP, the other minority shareholders of Air Macau include STDM (14 percent), Evergreen Airway Services (5 percent), The Special Administrative Region of Macau (5 percent), amongst others.

The carrier has one of the newest fleets in Asia, made up of seven Airbus A321, one Airbus A320, five Airbus A319 and five A300B4F cargo planes.

Air Macau was set up in September 1994 and currently flies to 16 destinations: Beijing, Bangkok, Chengdu, Guilin, Haikou, Sanya, Kunming, Nanjing, Shanghai, Shenzhen, Xiamen, Manila, Seoul, Busan, Kaohsiung and Taiwan. (macauhub)