Qatar Airways nominates two members to join the board of directors of IAG, the owner of British Airways, seeking to consolidate its position after it supported an invitation to provide the group with planned financing of € 2.75 billion, equivalent to $ 3.27 billion.
Qatar Airways, one of the largest tankers in the Middle East, has been building a stake in IAG since 2015 and currently holds 25.1 percent of the company, and IAG announced plans to raise capital yesterday as it seeks to support its financial position after it caused a pandemic -19 practically in completely halting the aviation sector, and she said Qatar will support the move and will subscribe for the benefit in proportion to its share.
IAG added that the Gulf carrier also nominated two members to join the Board as two non-executive members, within the proportional representation rights of Qatar under Spanish law, and the group registered in Spain, which also owns Iberia and Air Lingus, said that its annual shareholders meeting would be held on September 8 As the shareholders will be required to agree to the capital increase.
“We believe our shareholders will support us,” said Willie Walsh, chief executive of IAG to Irish radio RTE, and if approved, the capital increase is expected to be launched soon after the shareholders meeting.
