Air Serbia » Er Srbija | 9 Republic of Serbia has increased its share of Air Serbia The Serbian state has increased its ownership stake in Air Serbia from51 to 82 per cent, with Etihad Airways’ reducing its share from49 to 18 per cent Er Srbija će moći da prevaziđe teškoće i učvrsti svoju poziciju lidera u regionu / Air Serbia will be able to overcome difficulties and strengthen its position as a leader in the region ON THE BASIS OF THE EXISTING CONTRACT BETWEEN the Ministry of Economy of the Government of the Republic of Serbia and Air Serbia, the Serbian national airline has been recapitalised, with the Republic of Serbia increasing its Air Serbia ownership share from 51 to 82 per cent, while the share owned by Etihad Airways was reduced from 49 to 18 per cent. “We are grateful to the Government of the Republic of Serbia for providing support to the national airline to overcome business obstacles caused by the coronavirus pandemic in the most difficult year in the history of passenger air traffic,” said Air Serbia CEO Duncan Naysmith. He added that, in this way, the foundations have been laid for further uninterrupted operations, and – with the fundamental measures to rationalise the company’s operations that are already well underway – Air Serbia will be able to overcome difficulties, strengthen its position as a leader in the region and continue to provide both a direct and an indirect contribution to the Serbian economy, primarily in the fields of transport and tourism. The recapitalisation of the Serbian national airline was initiated at the request of Air Serbia, in accordance with the Government of the Republic of Serbia’s October 2020 decree envisaging the measure of recapitalising companies hardest hit by the pandemic. This regulation is fully in line with the European Commission’s Provisional Legal Framework, which regulates state aid measures to support the economy during the continuing COVID-19 pandemic, including recapitalisation. At the request of the Government of Serbia, the State Aid Control Commission reviewed the proposed measures and confirmed that the measure of increasing the airline’s share capital was harmonised with the positive legal regulations of the Republic of Serbia, which created the conditions for recapitalisation. 51 % 18 % Serbia Etihad Etihad Serbia 49 % 82 %