Romanian air carrier Blue Air to break even and list its shares in London next year

Romanian private airline Blue Air will list its shares at London Stock Exchange by reverse takeover (RTO) early next year, will issue bonds at Bucharest Stock Exchange (BVB) later in the year, and will end the FY 2022 in the black, company's CEO Oana Petrescu told Economica.net.

Ridgecrest, a British company, announced on July 6 that it had concluded a non-binding letter of intent with Cristian Rada to buy his company Airline Invest and its subsidiaries, Blue Air Aviation and Blue Air Technic. The move is part of the RTO plan.

"The listing will take place at the beginning of next year. We have six months to meet all the requirements and the due-diligence process and attract some pre-IPO funds, and afterwards, the target [for the listing] is the beginning of next year, Oana Petrescu, CEO of Blue Air, told Economica.net.

In the financial year ended September 30, 2020, Blue Air recorded a loss of over EUR 60 mln and the financial year ending September 30, 2021, will not bring the break-even. However, 2022 looks promising, and Blue Air expects to return to profit.

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