Russia’s S7 to sell off Cyprus Airways stake

Russia’s S7 Group is looking to sell its 36.9% stake in Cyprus Airways. S7 secured the right in 2016 to use the trade name of Cyprus Airways, which ceased operations in 2015, to launch its own Cypriot start-up, Charlie Airlines. It said at the time that it would take about a 40% stake in the airline, the rest being held by local private investors. However, the Russian airline group confirms to Cirium that it now plans to sell its stake in the Larnaca-based carrier.<br/>