The share capital of the Latvian national flag carrier airBaltic has been reduced by EUR 571.293 million to just EUR 25.179 million, according to information from Firmas.lv.
The share capital had been at the level of EUR 596.473 million.
The cut in share capital was registered in the Register of enterprises on February 17. According to the terms, the company’s share capital previously consisted of 25,647,282 Class A shares with a face value of EUR 10 apiece, 74,323,152 Class B shares (EUR 3), 113,164,518 Class C shares (EUR 1), and 38,660,300 Class D shares (EUR 0.1).
As airBaltic prepares for its IPO, it decided to simplify its shareholding structure. The nominal value of all A, B and C shares will be cut to EUR 0.1, and EUR 571.293 million will be allocated to cover losses which have been accumulated during previous years. Shareholders will not receive any remuneration or compensation for the cut in the face value of their shares.
Since the change, the airline has had 251,795,252 shares in its share capital. The nominal value of each is EUR 0.1.
Source: BNS
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