TAP Reinforces Equity In VEM

TAP Portugal purchased from "Geocapital" the shares held by the latter in “Reaching Force”, thus becoming the sole shareholder of this company, which currently holds 90 percent equity in VEM Maintenance & Engineering. TAP was able to succeed with the operation by exercising its option right as established in the original contract, while increasing, in parallel, the share-capital of VEM in 24 Million EUR, therefore empowering the Brazilian MRO with the adequate financial structure to carry on its recuperation plan already underrway. With the present operation, TAP is strengthening its bet on VEM M&E, which, according to Mr. Jorge Sobral, executive board member of TAP M&E and chairman of VEM as well, is expected to reach break even in 2008.
 For related news