Ministry to deliberate selling Nordica

Nordica is currently state-owned.
Nordica is currently state-owned. Source: Siim Lõvi/ERR

The Ministry of Economic Affairs and Communications is to deliberate the transfer of the state's holding in Nordic Aviation Group, the Estonian state-owned airline operating under the Nordica brand.

The Ministry of Economic Affairs and Communications considers it possible to deliberate the transfer of a majority or minority holdings in Nordic Aviation Group and aircraft lease company Transpordi Varahaldus in the future, and will analyze this year the need to maintain a holding in the aviation companies, it appears from a ministry document.

The strategic goal of owning a holding in Nordica is to earn revenue from ownership by providing airline connections between Estonia and European centers, among other commercial aviation operations. Nordica is a company that primarily pursues objectives of commercial interest as well as public interest objectives, it is said in the document.

In addition, it has been noted that in the pursuit of business objectives, the company must ensure that the company is managed sustainably.

When it comes to Transpordi Varahalduse OÜ, the purpose of the state holding is to act as an investment firm in the transport sector, to acquire or own aircraft or other assets for that purpose, and to lease them under market conditions. The ministry considers it possible to transfer a majority or minority shareholding in this state-owned company as well.

According to the ministry document, in a field where the market operates smoothly, the state does not have to be a market participant but a regulator. In regulated market conditions, where there is functioning competition and consumer supervision, there is no need for the state to participate in entrepreneurship as an owner.


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Editor: Aili Vahtla

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