On Wednesday, the board of Turkish Airlines informed investors through a brief announcement that it would sell its shares in the Albanian airline, Air Albania.
Turkish Airlines will divest its 49% stake in Air Albania. The sales process was initiated in accordance with the decision taken by the Board of Directors.
In a statement to the Public Disclosure Platform (KAP), the company said its board of directors had approved the sale, and that investors would be provided with further information on developments.
"Our Board of Directors, in which our partnership holds a 49% stake in Air Albania, has decided to sell all its shares in SHPK. Important developments in this regard will be communicated to our investors," he stated.
Air Albania was founded with the help of Turkish President Recep Tayyip Erdoğan in 2018, with investors Turkish Airlines, MDN Investments and Albcontrol.
Turkish Airlines owns 49% of the shares, MDN Investments 41% and Albcontrol 10%. Albcontrol is an Albanian state-owned company, while MDN Investments is controlled by Vlora businessman Sinan Idrizi and his daughters.
According to Turkish Airlines' 9-month consolidated financial report for 2025, Air Albania has accumulated around $50 million in outstanding debts to the parent company. The report states that in 2025, the Turkish company had around $41 million in short-term trade receivables from Air Albania and $12 million in long-term receivables.
In comparison, Air Albania's revenues were around $2 million, while losses reached $3 million in the first 9 months of 2025.
According to the consolidated statements for the period up to 30 September 2025, Air Albania is in a fragile financial situation, closely dependent on the support of Turkish Airlines.
The Albanian airline continues to be capital negative and since 2019 its losses are no longer reflected in the balance sheet of Turkish Airlines, as they exceed the group's share in the joint venture.
The Turkish airline is now interested in the future development of the deal that will see it acquire more than a quarter of the Spanish carrier's shares in Air Europa. Indeed, the new deal promises a bright future for expansion into the Americas.
Before the sale of Air Albania shares, through an agreement signed on October 20 in Ankara, the Turkish company has decided to donate to the Albanian Armed Forces the Airbus 319 aircraft previously used by the Albanian Prime Minister.
Air Albania has been in the news in recent months due to allegations of unpaid employee salaries and unfair dismissals . These developments have raised questions about the company's financial and operational sustainability.
