Turkish Airlines pulls out of Bosnian BH

ISTANBUL – Hürriyet Daily News

Turkish Airlines has put an end to its partnership with Bosnia’s BH Airlines, which began when it bought a 49 percent stake in the airline back in 2008.

Turkish Airlines announced to the Istanbul Stock Exchange on June 14 that it would be returning its shares free of charge to the Bosnian government. 

“We have agreed with Turkish Airlines to put an end to our partnership and for the shares to be transferred back to the Bosnian Federation,” BH Airlines Executive Board Director Goran Jovanovic said. 

Turkish Airlines had bought a 49 percent stake in the Bosnian carrier back in 2008 for $6.1 million dollars. It later made a $24 million investment in the airline. 

Turkish Airlines Executive Board Director Hamdi Topçu had previously said “Since we wanted BH Airlines to be a strong company we provided all the support and expertise we possibly could. If this company had been able to succeed it would have been a success for all of us, but especially for Bosnia. However, the Bosnian government was unable to fulfill its obligations.”