E15: Český Aeroholding becomes ČSA'a majority owner

Prague, Sept 4 (CTK) - Czech national air carrier Czech Airlines (CSA) has officially become a member of Cesky Aeroholding after the Finance Ministry signed a contract on depositing 95.69 percent of CSA's shares into Cesky Aeroholding's share capital on Friday, daily E15 writes yesterday.

The government approved CSA's transfer to Cesky Aeroholding in the middle of June.

CSA became the holding's sixth and last daughter company. "This step has completed the main stage of the holding structure's setup," the group's spokesman Ivo Vysoudil told the daily.

CSA's original subsidiaries CSA Services, Czech Airlines Technics, Czech Airlines Handling and charter airline Holidays Czech Airlines are already the holding's members. The group bought them for nearly Kc2.4bn.

CSA made a Kc241m loss before tax last year, compared with 2010's Kc76m gross profit which, however, included sales from the sale of long-term assets for almost Kc2.7bn.

CSA sold assets for some Kc876m last year. Its revenues decreased by Kc4.6bn to Kc16.9bn.

Cesky Aeroholding was set up in March 2011. It made a preliminary Kc306m gross profit for last year.