CAIR exercises call option on Hellas Jet

Cyprus Airways (CAIR) has exercised a call option to purchase the stake of AEF European Capital Investment BV in Hellas Jet, which amounted to 25% of the capital.

Following the move, for which no financial details were made available, Cyprus Airways has lifted its stake in its Greek subsidiary Hellas Jet to 100%.

A board decision of Hellas Jet, scheduled for April 20 is widely expected to rubber stamp a CAIR decision to close the airline at a cost of some EUR 17 mln.