The Antigua and Barbuda government says it has agreed to the terms of a joint initiative with Africa’s largest private carrier, Air Peace, to boost investments in LIAT 2020 Ltd.
It said both parties are to invest in the Antigua-based airline through cash and other assets, with Air Peace acquiring a majority stake.
The government said that the aim is the emergence of an airline able to respond to the demand for inter-island connectivity in the Eastern Caribbean and according to a statement issued by the Office of the Prime Minister, LIAT 2020 will provide safe and reliable air transport services to passengers and cargo across the region and beyond.
Foreign Minister E.P. Chet Greene spoke of the government’s commitment to the revitalization of the carrier and welcomed Air Peace chairman, Allen Onyema’s continued interest in investing in the airline.
Air Peace is the largest privately owned airline in Africa with a fleet of over 38 aircraft and over 3000 employees, serving markets in Africa, the Middle East, India, China, and Israel.
In July 2020, the Antigua Barbuda government said LIAT 2020 Ltd, which replaced the cash-strapped LIAT (1974) will benefit from an initial investment of US $15-20 million.
In June 2020, LIAT (1974) entered into court-appointed administration after a high court judge here granted a petition for the carrier’s reorganization.
The airline is owned by the governments of Antigua and Barbuda, Barbados, Dominica and St Vincent and the Grenadines (SVG).
Antigua and Barbuda Prime Minister Gaston Browne said previously that a decision had been taken that would allow Barbados and SVG to turn over their shares in LIAT to St. John’s for one EC dollar.
CMC/
