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airBaltic completes capital increase deal

Latvian national airline airBaltic announced Monday it had completed a long-planned and sometimes controversial deal that sees fresh capital injected with a foreign investor taking a 20% stake in the company.

"Today the Shareholder Meeting of airBaltic decided the share capital increase of the Company by 131 152 036 shares with the nominal value of each share being EUR 1. The newly approved share capital of airBaltic will now constitute EUR 256 472 824, composed of 256 472 824 shares. The share capital increase procedure is thus completed," airBaltic said in a statement.

After the share capital increase, the Latvian State holds a 80 % stake in airBaltic,while the new investor – Aircraft Leasing 1 SIA, which is fully owned by German citizen and private investor Ralf-Dieter Montag-Girmes, holds a stake of around 20%.

The Shareholder Meeting also approved the new Statutes of airBaltic, reflecting the increased share capital, and appointed a new Supervisory Board. The new Supervisory Board will consist of four members. The three previous Supervisory Board members Nikolajs Sigurds Bulmanis, Kaspars Briškens, Kaspars Āboliņš will be joined by a fourth member: Ralf-Dieter Montag-Girmes.

"The share capital increase is aimed at strengthening airBaltic to enable the airline to renew its fleet and successfully implement its business plan Horizon 2021," the company said.

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