Government to increase the share capital of Nordica by €30 million ({{contentCtrl.commentsTotal}})

A turboprop aircraft in Nordica livery.
A turboprop aircraft in Nordica livery. Source: Anna Zvereva/Creative Commons

At a cabinet meeting, the government decided to increase the share capital of Nordica by €30 million, Eesti Raudtee by €10 million and Saarte Liinid by €3 million to ensure the success of the companies in the future.

According to the Minister of Economic Affairs and Infrastructure Taavi Aas, the increase of share capital in state-owned companies is primarily intended to get out of the crisis as strongly as possible. "With an additional budget, we are encouraging state-owned companies to have operational air, ship and railway routes in the future," Aas added.

"The government also has high expectations for Nordica. In addition to the new business model, Nordica must provide as many direct routes as possible to important destinations in Europe," Aas emphasized.

The condition for the increase of the share capital of Nordica by the government is the merger of Nordic Aviation Group AS, Regional Jet OÜ and Transpordi Varahaldus OÜ. Nordica must present the new business model to the government within two weeks.

The increase of the share capital of AS Eesti Raudtee by €10 million ensures the sustainability of the company for the implementation of projects in need of financial support, ensures the necessary self-financing and enables the projects to move on schedule. The increase of the share capital of AS Saarte lines by €3 million enables the public limited company to make the necessary investments and significantly improves the equity-to-debt ratio.

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Editor: Anders Nõmm

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