At a special session on July 21, 2008, the Government of the Republic of Serbia took several important decisions pertaining to Jat Airways that at long last made possible launching the privatization process of Jat in the formal and legal sense.

Among the adopted decisions was also the one endorsing the Strategy of Jat Privatization that the government advisor on the privatization – a consortium led by the French Rothschild investment bank – had prepared after a number of months.

The decision to legally transform into a joint stock company as well as the decision to convert the ‘historical’ debts to the Paris and London clubs of creditors into the company’s capital stock were also made at the government session.

At its regular session on July 24, 2008, the government adopted a new Decision on Founding Jat Airways as a closed joint stock corporation with the value of capital stock divided into shares of defined nominal value, after which all these changes, through cooperation with the Privatization Agency, were entered in the corresponding registers.

With these steps all the conditions were met for the Ministry of Economy and Regional Development, as the competent ministry for privatization,  to formally initiate the privatization of our company and, in keeping with the above, make public in the media the Announcement on the sale of part of state capital in the manner and under conditions more closely specified in the Announcement dated July 31, 2008.

Proceeding from all that has been said, as well as from the fact that the government, as the seller, assisted in this transaction by the Privatization Agency as the competent state institution, the Jat Airways management has no further competence in this matter nor is it authorized under the law to issue any kind of statement in connection with the course of this process.

Fully confident that the Privatization Agency, along with the government advisor - headed by the French Rothschild investment bank, would successfully complete the privatization of the Jat Airways company in harmony with the Strategy the government, as the 100 percent owner of Jat, adopted on July  21, 2008, we refer all interested parties, especially media representatives, from now on to contact in connection with this issue the representatives of  the Ministry of Economy and Regional Development, the Privatization Agency as well as the government advisor whose names may be found in the Announcement text as the contact persons should they have any questions pertaining to this matter.

In the meantime, the Jat Airways management continues with its regular business activities aiming to achieve even better business results in the current year and at the same time states readiness to extend full cooperation to the Privatization Agency and the Serbian government advisor in the Strategy implementation towards seeing a successful completion of this process,  as much as for the sake of our employees and former employees as for the sake of all our passengers that remained loyal to the Serbian national air company all these years.

"Jat Airways" AD Beograd - Management,
Acting Director General Saša Vlaisavljević