MONTREAL, Nov. 3, 2016 /CNW Telbec/ - Transat A.T. Inc. welcomes the decision by Honourable Marc Garneau, the federal Transport Minister, to introduce legislation increasing international ownership limits in Canadian air carriers to 49% of voting share interests from the current 25%.
This proposed amendment to the Canada Transportation Act will ease access to foreign capital with the aim of supporting development of Canada's aviation industry. It could also eventually lead to the implementation of a more liberalized air services regime for transatlantic flights between North America and Europe under the 2009 Air Transport Agreement between Canada and the European Union.
"We are pleased with the Transport Minister's initiative, which paves the way for greater movement of capital and more liberalization of air transport markets," said Jean-Marc Eustache, President and Chief Executive Officer of Transat. He added: "Our airline, Air Transat, is a leader on the transatlantic market, and we view today's development as potentially facilitating access for our company to attractive commercial opportunities in this important travel sector."
Transat A.T. Inc. is an integrated international tour operator with some 25 destination countries and that distributes products in over 50 countries. A holiday travel specialist, Transat operates mainly in Canada, Europe, Mexico and the Caribbean. Montreal-based Transat is also active in air transportation, accommodation, destination services and distribution. Transat is a recognized Travelife Partner whose firm commitment to sustainable tourism development is reflected in its multiple corporate responsibility initiatives. (TSX: TRZ).
SOURCE Transat A.T. Inc.
For further information: Odette Trottier, Director, Communications and Corporate Affairs, Transat A.T. Inc., 514 908-8891, firstname.lastname@example.org