Etihad stake in Air Serbia cut to 18% after government steps in | Reuters

Etihad stake in Air Serbia cut to 18% after government steps in | Reuters

Abu Dhabi-based Etihad Airways’ stake in Air Serbia has been cut to 18% from 49% after the Serbian government recapitalised the airline, Air Serbia said on its website.

The state has increased its stake in Air Serbia to 82% from 51%, a step the airline said was undertaken to help it through the COVID-19 pandemic.

“The recapitalisation of the Serbian national airline was undertaken at the request of Air Serbia,” the statement said.

Etihad Airways, which bought a 49% stake in Serbia’s loss-making JAT Airways - later renamed Air Serbia - in 2013, confirmed in an email its stake had been diluted to 18%.