Finnair to add capacity on Russian routes; announces share buyback

victoria@aviationnews-online.com
By victoria@aviationnews-online.com November 29, 2018 23:33

Finnair to add capacity on Russian routes; announces share buyback

Finnair will add a new daily frequency year-round on both its routes to Moscow and St. Petersburg in Russia as of March 31, 2019. The flights will be flown with an Embraer 190 aircraft. The new additions will bring the total amount of weekly flights up to 27 on the St. Petersburg route and up to 28 on the Moscow route.

“We are happy to further improve our connections to Moscow and St. Petersburg, in response to the increased customer demand,” says Juha Järvinen, Chief Commercial Officer at Finnair. “Both are key markets for Finnair, and next year we will also celebrate our St. Petersburg route’s 55th anniversary.”

The Board of Directors of Finnair has announced its decision to commence acquiring the company’s own shares.  The maximum number of shares to be acquired is 600,000, corresponding to 0.47% of the total number of shares. The maximum sum to be used for the repurchase is €5.0 million. Finnair currently holds a total of 197,008 own shares, corresponding to approximately 0.15% of the total number of the shares and votes.

The share buyback shall start on 5 December 2018 at the earliest, and end by the last day of April 2019, at the latest. The shares shall be acquired through public trading on the Nasdaq Helsinki exchange at the market price prevailing at the time of purchase.

Acquired shares will be used primarily for implementation of Finnair’s Employee Share Savings Plan (FlyShare) and long-term share-based incentive scheme for key personnel.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com November 29, 2018 23:33