Travel Service to Become Czech Airlines Majority Shareholder

 Travel Service has reached an agreement with existing Czech Airlines shareholders regarding the purchase of their shares.

Upon completion of the transfers of the 44% of Czech Airlines shares from Korean Air Lines and the 19.735% of Czech Airlines shares held by PRISKO to Travel Service, the company will become the majority shareholder with 97.735% of shares. The transactions should be finalised in an approximately 3-month period, after the approval of respective Offices for the Protection of Competition in several countries is granted.

PRISKO, whose sole shareholder is the Ministry of Finance of the Czech Republic, may withdraw from the Purchase Agreement during a five-workday period from the date of receipt of the last approval of the respective Office for the Protection of Competition. In such an event, Travel Service would hold 78% of the shares.

Existing Czech Airlines shareholders are as follows: Korean Air Lines (holding 44% of Czech Airlines shares), Travel Service (with 34% of shares), PRISKO (19.735 %) and Česká pojišťovna (2.265 %).

The Czech carrier became a joint stock company in 1992. Its current fleet comprises 18 aircraft, including one Airbus A330, nine Airbus A319, five ATR 72 and three ATR 42.