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Photo: Finnair

Finnair adds Russia capacity, launches share buyback

The Finnish carrier says it is responding to rising demand on both its Moscow and St Petersburg routes.

Finnair says it will add a new daily frequency year-round on both its routes to Russia from the start of the summer schedules from March 31.

The extra Moscow and St Petersburg flights from Helsinki will be flown with an Embraer 190 aircraft.

The new additions will take the total amount of weekly flights up to 27 on the St Petersburg route and up to 28 on the Moscow route.

The new frequencies will “support good connections from Moscow and St Petersburg to Finnair’s North American flights and will also offer great connectivity to Finnair’s wide network in Asia and Europe” the airline says.

The improvements to the Russia routes come “in response to increased customer demand”, says Juha Järvinen, chief  commercial officer at Finnair.

“Both are key markets for Finnair, and next year we will also celebrate our St Petersburg route’s 55th anniversary.”

A bigger share
Meanwhile, Finnair has started to acquire its own shares, it said in a stock exchange release yesterday. The move comes after authorisation to do so was given at the carrier’s annual general meeting held on March 20.

The maximum number of shares to be acquired is 600,000, corresponding to 0.47% of the total number, and the maximum sum to be used for the repurchase is €5 million.

Finnair currently holds a total of 197,008 of its own shares, corresponding to 0.15% of the total number of shares and votes.

The share buyback will start on December 5 at the earliest and end by the last day of April 2019, and the shares will be acquired through public trading on the Nasdaq Helsinki exchange.

The shares will be used “primarily for implementation of Finnair’s Employee Share Savings Plan (FlyShare) and long-term share-based incentive scheme for key personnel,” the release states.

The major shareholder in the oneworld carrier is the government of Finland, which owns 55.8% of the shares.

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