August 15 (SeeNews) - State-controlled flag carrier Croatia Airlines [ZSE:CRAL] has contacted several air carriers around the world in its search for a strategic partner, media reported on Tuesday.
"We have worked together with consultancy firms and drafted a proposal for the privatisation process," news portal Ex-Yu Aviation quoted Croatia Airlines CEO, Kresimir Kucko, as saying. "We are not interested in someone taking over the management. We have shown that we can respond to both past and future challenges, but now we need a strategic partner to grow faster."
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Kucko earlier noted that the airline could be interesting to financial institutions outside of the aviation sector as it makes a large amount of its revenue on offline markets.
The Croatian government is expected to resume the process for privatisation of Croatia Airlines at the end of 2017 or in early 2018.
In 2013, the government invited expressions of interest in the purchase of a 49% stake in Croatia Airlines but the offer failed to draw any candidates. In 2016, the government removed the flag carrier from its list of companies considered to be of strategic importance for the country and therefore subject to ban on privatisation.