Isavia share capital increased by 15BN ISK

A 15 bn share capital increase was approved during a shareholders’ meeting at Isavia on January 12th 2021. The share capital increase is intended to make up for the operating losses resulting from COVID-19 and will enable the company to begin work on further developments at Keflavík Airport. It is clear that the share capital increase in Isavia will create numerous new jobs during the development period, including during the present year. 

“It is extremely important that we are ready when air traffic returns to what it was before the pandemic. Until such time, we can take the opportunity to make Keflavík Airport even better able to take on competition than it was before. This will benefit all the companies based at the Airport as well as the tourist industry as a whole,” says Sveinbjörn Indriðason, CEO of Isavia. “It is clear that we at Isavia are in no position to have an impact on when worldwide travel restrictions are lifted but we can, however, make a difference on how our future prospects will be. One should not forget that the share capital increase will also provide us with flexibility to meet the possibly different scenarios resulting from COVID-19 while at the same time make it easier for aircraft operators to begin operating again when the time comes by providing e.g. market support. We have been given considerable and important responsibilities by guarding one of the key infrastructure aspects of our country and we intend to honour the trust we have been shown”.  

The planned construction at Keflavík Airport is intended to strengthen the competitive position of the airport and hub by improving services to customers, improving facilities for aircraft and passengers, shorten processing and increase thereby the airport’s performance and efficiency. Our present schedules anticipate that the changes planned will be finished in 2025.