Air Austral and Air Madagascar have signed the July 21, 2020 a memorandum of agreement endorsing the final exit of Air Austral in the share capital of Air Madagascar. The malagasy State and the Cnaps (Caisse nationale de prévoyance sociale) are returned to officially control and the governance of the company based on the international airport of Antananarivo-Ivato. The agreement provides for the transfer of 123 866 266 shares representing 43,78 % of the share capital of Air Madagascar held by Air Austral Invest for the benefit of the Nspf and 420 981 shares representing 6,79 % Air Austral, owned by the Nspf, for the benefit of Air Austral in the context of a reduction of capital. The Cnaps becomes a shareholder in the Société de transport air Madagascar.
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From procrastination…
The wedding itself has been consumed ? It is apparently one of the causes of divorce. In 2017, the strategic partnership agreement provided that Air Austral enters into the capital of the company in madagascar to up to 34 % (term 49 %). However, it seems that the capital has not been fully paid up by Southern Air, a company which is a public Meeting, funded by the taxpayer… to The extent of the deficit of Air Madagascar have been under-assessed, as the level of corruption of the rulers.
It is necessary to take into account in addition to the indecisiveness of the malagasy government. Of course, it was rejected (a little) the degree of competition by removing the traffic rights of the French airline Corsair. But it was also a step back in giving clearances to the very powerful company african Ethiopian Airlines. The possibility for Air Austral to obtain traffic rights around the world through its partner was a dream.
… and a pocketknife
But there are also other a pocketknife in the marriage contract. Failing to increase its shareholding, Air Austral could see their assets diluted because the malagasy State has attempted to increase the capital of his company. Without success, Qatar Airways and Turkish Airlines have been requested. The best partner would have been Ethiopian Airlines, the east african company very well managed, very profitable who want to stay like this. In addition to debts estimated at 88 million is suspended, the conviction in appeal of $ 46 million to be paid to Air France after the judgment of the tribunal de commerce of Paris, concerning the arrears of rent in respect of the Airbus A340. To this day, because of the health situation in madagascar, the traffic of Air Madagascar to France has not been resumed. The only asset of this approximation seems to be the creation of the regional company Tsirada which efficiently serves the Red island.
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