Small Planet Airlines CEO Vytautas Kaikaris confirmed this to BNS, but he declined to provide any more information about the sale process and the company's plans.
„We are not commenting for now. We are going to make an announcement in the near future, but not now,“ he told BNS.
Kaikaris on Feb. 25 resigned as a member of the management board at Avia Solutions Group (ASG), the owner of Small Planet Airlines, to ensure the transparency of the negotiating process, the aviation group said in a statement published on the Warsaw Stock Exchange website.
ASG holds 95.5 percent stakes in Small Planet Airlines' Lithuanian and Polish companies. The aviation group, which is exiting the charter business, said in its 2012 report that it expected to close a deal on the sale of the companies in May 2013.
Kaikaris leads the group of managers who have made the buyout offer.
ASG last year posted 23.295 million litas (EUR 6.75 mln) in consolidated net profits, up from 8.722 million litas in 2011. Full-year revenues surged by 72 percent to 539.141 million litas.
The aviation group owns companies in Lithuania, Russia, the United Kingdom and Cyprus.
ZIA Valda Cyprus held a 32.906 percent stake in ASG at the end of September 2012. Other shareholders included Indeco: Investment and Development with 21.938 percent, Harberin Enterprises with 13.191 percent and Poland's ING fund with 6.618 percent.
