Eurocypria takeover approved

The House of Representatives approved the relevant Draft Law for the acquisition of the Cyprus Airways subsidiary airline, Eurocypria, by the Cyprus Government. The consideration for the acquisition amounts to CYP 13.425 mln.

Meanwhile, Cyprus Airways announced that according to an evaluation made by AVMARK Inc.,(an American aircraft valuer), the total value of the Company’s 9 aircraft reaches USD 164 mln, which is higher by CYP 22.6 mln compared to the book value of the aircraft as at 31 December 2005.