Departure of euroAtlantic Airways from STP Airways requires a change in statutes

The departure of euroAtlantic Airways (EAA) from STP Airways requires the agreement of the largest shareholder, euroAtlantic itself, and also implies a change of company statutes, said the founder and chairman of the Portuguese airline.

EAA is the largest shareholder of STP Airways, the flagship airline of São Tomé and Príncipe, founded by public deed on 23 June, 2008 by euroAtlantic Airways (37%), the State of São Tomé and Príncipe (35%), Banco Ecuador (14%) and Gulf International Air Service (14%).

Tomaz Metello, who told Portuguese news agency Lusa that his airline would remove itself from STP Airways, “when we want to,” said that euroAtlantic Airways will continue to fly to São Tomé and Príncipe, “if we want to,” as the agreement in force allows any airline to fly there.

“Before STP Airways existed, we were already flying to São Tomé and Príncipe,” he said.

The statements by the chairman and sole shareholder of euroAtlantic Airways come after the São Tomé government announced its intention to bring an end to the agreement for the management of STP Airways in October, opening the way to new partners.

EuroAtlantic is responsible for the management of STP Airways and also has a contract for flights from São Tomé to Portugal under an ACMI agreement (leasing including aircraft, crew, maintenance and insurance) and handling, which the São Tomé government wants to cancel.

Metello also said that granting of handling services had been a condition for the company to take a stake in and manage STP Airways, adding that without this it has no interest in continuing to manage the São Tomé carrier. (Macauhub)