23 June 2009

TAP looks for way out of Air Macau

MACAU - The Portuguese national airline, TAP, says it is planning to sell its 15 percent shareholding in troubled Air Macau.

According to macaubusiness.com, the airline's CEO Fernando Pinto said the company had agreed three years ago that the partnership with Air Macau "made no sense" and as such would proceed with the selling of its indirect company share.

TAP holds a1 5 percent share in Air Macau.

Pinto was quoted as saying that "the two airlines had been unable to develop a profitable synergy" and Air Macau had been constantly delivering bad financial results.

The other significant shareholders in Air Macau are Air China - the dominant shareholder - EVA Airways from Taiwan and Stanley Ho's STDM.

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