[2019-09-26] EuroAtlantic airways reaches agreement with São Tomé and Príncipe government

Source: Macauhub

EuroAtlantic airways has reached an agreement with the São Tomé and Príncipe government to sell its stake in STP Airways, also stepping away from ts management by October, said the founder and chairman of the board of the Portuguese airline.

Tomaz Metello told the Portuguese news agency Lusa that the company had proposed to sell its 40% stake following a valuation of the archipelago’s airline, and the São Tomé and Príncipe government has requested an audit before taking any decision.

The Government of São Tomé and Príncipe in June announced its intention to terminate its contract with euroAtlantic for the management of STP Airways by the end of October, but has in the meantime signed an agreement with Ecuadorian airline Ceiba, which will place aircraft at the service of STP Airways operated by Portuguese carrier White.

EuroAtlantic has accused the São Tomé and Príncipe authorities of signing the memorandum with the new partners, ignoring the largest private partner and without bringing the agreement to the general shareholders meeting.

The chairman of euroAtlantic also said that despite the sale of shares and the withdrawal of management from STP Airways, the Portuguese company will continue with flights to São Tomé and Príncipe, now branded as euroAtlantic.