Oceana Airways Privatisation Act (2013)

Oceana Bill

Oceana Airways Privatisation Act (2013)

Introduced By: On: Bill Type: Sponsors: Prime Minister Jani Helle 08 / 02 / 2013 Government Bill

Summary/Abstract
An Act with provision for the privatisation of the State-owned airline, Oceana Airways, along with details on remaining State ownership and requirements for privatisation.

Article I General Provisions

Section 1 This Act shall define the terms and details of the privatisation of the national airline of the Republic of Oceana, the Oceana Airways. Section 2 The State currently holds one hundred per cent (100%) of the airline. State ownership shall be reduced to no more than fifteen per cent. Section 3 The Government has budgeted A252 million for the purposes of seeking buyers, initial and possible modernization costs, and employee salaries for the next twelve (12) months following the adoption of this Act. Section 4 Company Pensions for current employees of Oceana Airways under currently agreed terms shall be guaranteed for a period of five (5) years from the adoption of this Act.

Article II Prerequisites for Privatisation

Section 1 This Act shall levy certain requirements for any entity or group of entities who shall hold more than fifty per cent (50%) of Oceana Airways as a requirement of the privatisation deal. Section 2 The central headquarters of Oceana Airways, and its main hub, shall remain at the A. R. Foster International Airport near Glaschu. Section 3 The name of the airline shall remain as Oceana Airways for at least five (5) years. Section 4 35% of the company shall be opened to public trading.

Article III State Ownership

Section 1 The State shall remain part owner of Oceana Airways for a period of five (5) years, holding onto fifteen per cent (15%) of the company and fleet. Section 2 After five (5) years, Parliament shall decide whether to sell off the States share, or buy back the company (see Article IV).

Article IV Buy Back Option

Section 1 After five (5) years from the adoption of this Act, Parliament may decide that the State shall buy back up to another 35% the company, or sell off its stake in the company. Oceana Bill Number 1

Oceana Airways Privatisation Act (2013)

Article V Break Up of Airways Monopoly

The company will sell off all assets of the business related to domestic travel in order to open up the market to private competition. At a reduced price.

Article VII - Final Provisions

Section 1 If no buyer is found for Oceana Airways within two (2) years of the adoption of this Act, Parliament shall provide further legislation on the future of the airline.

Signed:

Jani Helle

Oceana Bill Number