Turkish Airlines to quit Bosnia joint venture

June 14, 2012, Thursday/ 15:40:00

Turkey's national carrier Turkish Airlines will pull out of a joint venture with Bosnia's flag carrier BH Airlines and transfer its stake to the government free of charge, a top official of the Bosnian carrier said on Thursday.

"We have reached mutual understanding to break the contract on the joint venture and transfer the Turkish Airlines' stake to the Federation government," Goran Jovanovic, president of the BH Airlines supervisory board, told Reuters.

Turkish Airlines had in 2008 acquired a 49 percent stake in the carrier, owned by the government of Bosnia's Muslim-Croat federation, for 9.5 million Bosnian marka ($6.1 million). It has invested 37 million marka since.