Malta Air purchased by Ryanair, with completion planned for end of June
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Malta Air, a Maltese start up airline, has been purchased by Ryanair, with completion planned for the end of June.
The agreement was announced today, with Ryanair saying that it will move and grow its Malta based fleet of 6 B737 aircraft.
Ryanair said that through this investment in Malta Air it will allow Ryanair to grow its already sizable presence in Malta and access non-EU markets (North Africa) from Malta.
On completion it said that Ryanair Holdings will “switch 6 Malta based aircraft (worth over $600m) onto the Maltese register, 200 Malta based crew will move onto local contracts paying local Maltese taxes, increase its Malta based fleet to 10 aircraft within three years and create over 350 jobs, brand its Malta based fleet in Malta Air colours for Summer 2020.”
Apart from this, it said that “Ryanair based aircraft will be moved from France, Italy and Germany onto the Malta AOC which will allow these crews to pay their income taxes locally in France, Italy and Germany instead of Ireland where they are currently required to pay income taxes under Ryanair’s Irish AOC.”
Ryanair CEO, Michael O’Leary, speaking in Malta today said, “Ryanair is pleased to welcome Malta Air to the Ryanair Group of airlines which now includes Buzz (Poland), Lauda (Austria), Malta Air, and Ryanair (Ireland).”
“Malta Air will proudly fly the Maltese name and flag to over 60 destinations across Europe and North Africa as we look to grow our Maltese based fleet, routes, traffic and jobs over the next three years,” he said.
Michael O’Leary concluded, “Ryanair appreciates the expertise of the Maltese Civil Aviation Directorate (CAD) in licencing Malta Air to operate the B737 aircraft and we look forward to working closely with the Maltese authorities over the coming years as we hope to add over 50 more aircraft to the Maltese register.”
Malta Minister for Tourism, Konrad Mizzi, said, “the relationship between Ryanair and Malta has evolved into a successful collaboration. We welcome Ryanair’s commitment to operate and grow a fully fledged Malta-based airline which will contribute in a large way to the country’s development.”
Photo shows: from left-right: Malta Minister for Tourism, Konrad Mizzi, Ryanair CEO, Michael O’Leary and Malta Air Travel Ltd’s Paul Bugeja.