AirBaltic has completed a capital reduction, reducing its share capital by €571.3m to €25.2m in preparation for its initial public offering (IPO).
The restructuring involved changing from four share classes to one, with all shares valued at €0.10, and no compensation was offered to shareholders for the nominal value reduction.
The airline’s executive board announced a salary cut of 40pc until the IPO, demonstrating their commitment to the airline’s future, according to chairman Andrejs Martinovs.
airBaltic aims to raise €300m through the IPO, currently anticipated later this year or next, while Latvia’s government plans to retain a 25pc stake after selling 97.97pc ownership.
