The Government of Malta has sold its ‘golden share’ in low-fares carrier Malta Air, transferring full ownership of the airline to Ryanair Holdings, as part of a pre-agreed contractual framework dating back to the airline’s inception in 2019.
According to official filings at the Malta Business Registry (MBR) seen by Fresh Aviation, the transfer was initiated on 12 June 2024 through a call option clause, which granted Ryanair’s Gulliver Holdings investment vehicle the right to acquire the government’s single share under specific conditions set out in the operator’s Shareholders’ Agreement. This ‘golden share’ granted the Maltese government ownership of the Malta Air name, as well as veto rights over either the sale of the airline, or transfer of its AOC and operations out of Malta.
Malta Air was originally aquired from the Maltese government on 11 June 2019, having been established as a subsidiary of government-owned Malta MedAir earlier that year. It had received its first Boeing 737-800, registered as 9H-QAA, from Ryanair the previous night, and this aircraft would operate the carrier’s inaugural flight from London-Stansted to Bordeaux on 13 June 2019. As of April 2025, Malta Air’s fleet consists of 136 Boeing 737-800 and 43 737-8200 ‘Gamechanger’ aircraft – with the first of the latter having been introduced in July 2021.
The airline has continued to expand its footprint across Europe and has this month taken over several UK bases from Ryanair either partially or fully – including Bournemouth, East Midlands, and Leeds Bradford – with local crew now seconded to the Maltese operator. Alongside Malta Air and its mainline Irish operation, Ryanair Holdings also operates 3 other AOCs – Buzz, Lauda Europe, and Ryanair UK – with a combined fleet of 620 aircraft between the 5 airlines.
Following the share transfer, Ryanair Holdings is the sole shareholder in Malta Air, and despite the transaction having been recorded by the MBR in January 2025, neither Ryanair nor the Maltese government is yet to issue a formal statement. Fresh Aviation has reached out to both parties for comment.
Cianan Kelly is an aviation writer and, most importantly, enthusiast, with a passion for regional aviation and the essential connectivity it can create. He joined Fresh Aviation in late 2022 with the aim of contributing to high-quality aviation journalism and research.