Turkish Airlines has decided to withdraw from the partnership with the Bosnia and Herzegovina’s national carrier BH Airlines in which it had a 49 per cent ownership share.
The company bought its shares back in 2008 and will hand them back for free, a Bosnian official said last week.
"Our Turkish partner is pulling out of BH Airlines under very favourable conditions for the Bosnian company," BH Airlines official Goran Jovanovic told AFP, adding that the reasons for the withdrawal were "purely economic".
"Turkish Airlines tried to develop a company focused on the Balkans and invested a lot in that project. However, the air travel situation in the region is very difficult. All the regional airlines are showing losses," Jovanovic added.
The Turkish airline got a 49 per cent stake in BH Airlines for around EUR 5 million and over the last four years made a EUR 19 million investment in the airline. According to Jovanovic, BH Airlines is already in talks about a new partnership with two other companies, including a regional carrier.
BH Airlines has two ATR-72 planes that operate flights to Istanbul, Copenhagen and Zurich.