Air Austral and Air Madagascar have signed a MOU confirming the exit of Air Austral from the capital of Air Madagascar.
The Malagasy State and the CNAPS (Caisse Nationale de Prévoyance Sociale) are henceforth officially resuming control and governance of Air Madagascar. This agreement puts an end to the capital partnership established in 2017 between the two Indian Ocean airlines. They have exchanged shares without any financial impact for both parties.
Air Austral has decided that a total exit was the “most reasonable option” in the light of the present global sanitary and economic context which has led each party to rethink its fundamentals, and the new ambition of the Malagasy government to take control of the destiny and futur of its national carrier.
The two airlines are thus pursuing their own ambitions, choices and strategic orientations. However, these three years of partnership have laid the foundation for the future development of both airlines. Air Madagascar has been able to reorganise, modernise its product and restore its flight capabilities. The setting up of the subsidiary Tsaradia has proven to be an essential component of the economic sector. On the other hand, Air Austral has consolidated its position by becoming the recognised leading airline within the Indian Ocean, through a diversified regional network and a good connectivity of the area with Europe. It has also built a strong and coherent offer aimed at diversifying the possibilities to travel not only to and from Reunion Island and Mayotte but also to Madagascar, where the airlines and its subsidiary Ewa now offer 7 routes.
Even though the strategic partnership between the two airlines comes to an end, Air Austral and Air Madagascar leave doors open for other future collaborations.