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ÁPV approves Malév sale

The board of Hungary's State Privatization and Holding Company (ÁPV) approved the final contract for the sale of state-owned airline Malév to Russia's AirBridge at a meeting yesterday, ÁPV announced.

ÁPV said Malév would convene an extraordinary general meeting to formally approve the transaction, which will soon be financially closed. The tender for 99.95% of the airline's shares was called in September 2006. The government supported a suggestion made by ÁPV's board of directors to transfer certain Malév assets to a state asset management company. Fees Malév would pay for the use of these assets would gradually pay off the airline's statebacked debts. (Bloomberg)