SAS TO SET UP NEW LATVIAN AIRLINE

Transport Europe, September, 1995

SCANDINAVIAN AIRLINES SYSTEMS (SAS), has joined forces with a group of Scandinavian investors and the Latvian authorities to set up a new airline in the Baltic Republic of Latvia. The new airline will be set up and managed by SAS and will commence services in 1996. The new airline will take over the activities of BALTIC INTERNATIONAL AIRLINES and will fly between the Latvian capital, Riga, and 11 other cities, including Moscow, Frankfurt and London. The State of Latvia will have a 51.03% stake in the airline. The other investors are SAS, which is injecting USD 12 million in the project, Swedfund International, and the Danish Investment Fund for Central and Eastern Europe.

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