ArmInfo. The authorized capital of National Airlines of Armenia CJSC (Fly Arna) has been increased by 2,011,050,000 drams. This was reported by the press service of the Ministry of Economy. According to the source, the decision was made on December 25 last year at the general meeting of shareholders of the company.
On December 1, during a briefing, Armenian Minister of Economy Vahan Kerobyan said that the national air carrier Fly Arna needs additional funding, answering a question from journalists regarding the possible cessation of flights by the airline in Armenia. "I do not have such information. I know that the company needs additional financing, and this issue is now being discussed. I think appropriate solutions will be found. We are working with the company," the minister noted.
Let us recall that there were rumors in the media about Air Arabia's intentions to leave the Armenian air transportation market as early as December 2023 and withdraw from the authorized capital of the airline Fly Arna, established jointly with the ANIF.
As sources close to the Arab airline told ArmInfo, the reason for this intention was the failure of the Armenian side to fulfill a number of agreed upon agreements. Let us remind you that on December 10, 2021, Armenian National Airlines CJSC received state registration and began operating in Armenia under the Fly Arna - Armenian National Airlines trademark.
The project to establish a new airline became known in July 2020, when David Papazian, CEO of Armenian National Interests Fund and Adel Al Ali, CEO of the Sharjah-based budget airline Air Arabia, signed an agreement.
Initially, it was known that the newly established company would operate on a low-cost business model, in other words, it would be an Armenian low-cost airline (such airlines do not offer traditional services that are normally included as part of the fare, thereby offering lower fares at the expense of fewer comforts).
