Air Austral buys 49% stake in Air Madagascar

AIR Austral acquired a
49% stake in embattled
Air Madagascar at the end
of October, leaving the
Madagascan government
with a controlling 51%
shareholding.
The Malagasy state will
appoint a president of the
board of directors and
Air Austral will appoint a
general director. Air Austral
has also committed to
invest $40m (R549m) in
its new partner and will
manage Air Madagascar’s
administration and
operations.
The signature of the
shareholder closing
agreement took place at the
end of October.
“This agreement marks
a new turning point for
both our companies. We
are now, more than ever
before, determined to join
forces in developing and
strengthening our positions
in the Indian Ocean,” said
Marie Joseph Malé, Air
Austral ceo