Virgin Atlantic Floats Plan To List Airline On London Stock Exchange

Virgin Atlantic Floats Plan To List Airline On London Stock Exchange

British airline, Virgin Atlantic Airways, looks to be listed on the London Stock Exchange, with hopes of recovering from the devastating hits from the COVID-19 pandemic.

According to Sky News, the airline had been consulting with investors and other stakeholders to make possible the listing on the Exchange.

The consultations, reports say, have remained a fire under the wings of the plan, as investors’ responses have been positive.

Virgin Atlantic Airways’ ownership that is divided between the Virgin Group (51 Percent) and Delta Airlines (49 percent) would, once the public offering is initiated, see a further spread.

READ ALSO: Eurobond, IMF’s SDR Will Boost Foreign Reserves – Analysts

Since 1984 when the company began operations, this would be the first time it has sold its shares to the public.

According to Sky News, the listing process would be jointly aided by bankers at Citi and Barclays banks.

Regarded as one of the airlines hit the hardest by the pandemic, the company was forced to seek funding that was split into two.

Raising the funds, Virgin Atlantic sold off a number of its aircraft and took out a loan from the parent company, Virgin Group.

Although much remains under wraps, sources close to the company said that there was no desperate need for money.

In April, the company’s management had projected losses to the tune of 1 billion pounds, however, it estimated that by 2022 it would recover from its losses.

About Author

Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.