According to the strategy for the years 2008-12 presented by LOT, the company would be listed in the third or fourth quarter of 2008. The Ministry of the Treasure, the majority shareholder of LOT, is talking with the bankruptcy officer about his stake. Dawid Jackiewicz, the deputy Minister of the Treasury, admits that a strong listed company would be a welcomed investor.
“Someone from the aviation sector, especially Luftansa, would be the least welcomed investor, however. We want to avoid a conflict of interests. Unless we reach agreement with the bankruptcy officer, we will ask him to withheld from any decisions until LOT is listed”, Dawid Jackiewicz explained.
He approves of LOT’s strategy presented recently.
“Our main goal is to reach satisfactory profitability, be listed and quickly increase the number of passengers and routes”, Piotr Siennicki, LOT CEO stressed.
The strategy bases on seven pillars, including reducing the fleet to four models, effective network of routes from Poland’s key airports and an upgrade of client service.
“In 2012, LOT (without its low-cost subsidiary Centralwings) is supposed to generate PLN 200m (EUR 53.8m) of net income and have 7m passengers. It will have 66 planes at that time.
Today, 67.97 percent of LOT’s shares belong to the state, 25.1 percent to the bankruptcy officer and 6.93 percent to LOT’s employees.
(PLN 1 = EUR 0.269)