Air Austral and Madagascar's Government sign shareholders' agreement for Air Madagascar

4 December, 2017

Air Austral and Madagascar's Government signed (30-Nov-2017) a shareholders' agreement on 30-Nov-2017, formalising the acquisition of equity in Air Madagascar by Air Austral as a strategic partner and formally commencing Air Madagascar's transformation plan. The parties aim to return Air Madagascar to profitability through a plan based on three areas: strengthening and developing the domestic market; developing international operations, particularly between Madagascar and Paris; and strengthening cooperation for regional services. The 10 year plan will be implemented in two phases: three years of recovery followed by a growth phase, including fleet development and new services. Air Austral will hold a 49% stake in Air Madagascar and Madagascar's Government will retain 51%. The Government will withdraw from subsidising Air Madagascar in 2018. [more - original PR - French]