Owners of the S7 Group will create a new airline company “Charlie Airlines” in Cyprus.
The Russian airline carrier will share the initial capital with a Cypriot company in the new airline company. According to the regulations of the European authorities, the participation of foreign capital shall not exceed 50%, so most likely the Cypriot company will have 60% of the shares.
It is expected that the new company will start its operation in the end of the year, and at first stage, will have 2 Airbus A319 in its possession.
The co-owner of S7 has pointed out that after the dissolution of the Cyprus Airways, several companies have filed the applications for the permission to fly out of Cyprus, so S7 decided to also give it a try.