The Aga Khan Fund for Economic Development will withdraw from Air Cote d’Ivoire as other investors in the state carrier of Ivory Coast increase the company’s stock, airline General Director Rene Decurey said.
Air Cote d’Ivoire, which started flying last year in place of collapsed carrier Air Ivoire, plans a 10-fold capital increase tomorrow to 25 billion CFA francs ($49.2 million) from its original 2.5 billion francs, Decurey said in a phone interview on June 1.
The Aga Khan Fund, which has its headquarters in Geneva, holds 15 percent of the Abidjan-based carrier. The Ivory Coast government owns 65 percent of the closely held company and Paris-based Air France-KLM Group (AF), Europe’s biggest carrier, has a 20 percent stake.
The fund “let us know it will not take part in the capital increase,” and will shift its holding to another investor as part of the transaction, Decurey said.
via Aga Khan Fund to Pull Out of Ivory Coast Airline in Capital Move – Businessweek.
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