Israir is preparing for the first issue of its shares and officially declared: We are not flying Saturdays

Israir is preparing for the first issue of its shares on the basis of the financial reports of the second quarter, as part of an aid agreement signed with the Ministry of Finance. At the company's destination ports for a period of 20 years.
This agreement was signed after a similar agreement was signed with El Al (-0.7% 56.4) in mid-March, under which the state transferred to El Al $ 210 million for the supply of airline tickets to security personnel on the company’s aircraft over the next 20 years. The state will pay the amount to Israir in three installments: NIS 15 million within two business days from the entry into force of the agreement, NIS 15 million within seven business days of Israir's board decision to purchase or lease two large aircraft by the end of March 2023 - a condition that has already been met.
Israir will receive the balance for seven business days after completing the raising of $ 8 million in the issue of shares, options or a combination of the two by the end of October 2021. If it turns out that the issue cannot be completed for reasons independent of Israir, An owner loan is inferior to the company's other liabilities, in the amount of $ 8 million.
Last weekend, Israir's board decided to lease two aircraft, one of them an Airbus A320, in the next two months, which will increase the company's production capacity, in response to the expected demand starting in the third quarter of 2021. The board also decided to lease a third aircraft on a dry lease until April 2023. The decision to lease the aircraft was also made against the background of a 15% reduction in prices compared to the pre-corona lease fee.
At the same time, Israir's board of directors has officially decided to stop flying on Saturdays and holidays, after the company virtually stopped doing so from the beginning of April 2021. It was also decided that Israir will invest up to 30 million euros in a joint 15% purchase of Mediterranean and Balkan hotels. Israir undertook to purchase for its customers at least 20% of the annual accommodation days in each of the hotels owned by the fund and to be part of its destinations. As part of the transaction, Israir will receive 51% of the general partner that will manage the limited partnership.