Sint Maarten has decided not to proceed with the sale of a stake in Winair (WM, St. Maarten) after determining that the proposed sale price was too low and would not benefit the country or the airline.
Prime Minister Luc Mercelina's announcement on September 4 followed a "thorough review, discussion, and decision" by the Council of Ministers on August 27. Mercelina continues to lead a coalition government following a snap election on August 19, necessitated by the collapse of the previous coalition administration.
In a statement carried by local online media such as SMN News, Soualiga Newsday, and SXM Talks, the prime minister opined that the previous administration's decision to sell had been made without sufficient consultation with Winair. He acknowledged the airline's resilience and financial recovery after hurricanes Irma and Maria and the Covid-19 pandemic and underlined the government's commitment to supporting its continued growth. He said the Council of Ministers had expressed confidence in Winair's management and staff and looked forward to the airline's future success.
Asked for comment, CEO Hans van de Velde told ch-aviation: "Winair has an interest to have a shareholder that can put equity in the company. Although we are 100% debt free and will make a profit for the third year in a row, we are still recovering from Hurricane Irma and Covid-19, so a strong shareholder with deep pockets would be welcome. Having said that, there is no urgency since we are in good shape and we understand the decision of the government. For us, it is case closed. Should another opportunity arise for new capital, of course, as management, we will be open for discussions."
Van de Velde told ch-aviation last month that the government had received an unsolicited offer from an undisclosed investor in March for a 51% majority stake in Winair. According to him, the government did not actively seek to sell.
Winair is 94% owned by the government of Sint Maarten, while the Dutch state holds the rest. According to van de Velde, the airline is run on business principles with zero government interference.
Since becoming CEO in 2023, van de Velde has been instrumental in expanding Winair's network, pursuing IOSA certification, enhancing operations through aircraft acquisitions, and leveraging airline partnerships. The carrier is expanding its fleet, anticipating the arrival of a fifth DHC-6-300 Twin Otter leased from Unity Group on November 1 and its third ATR42-500 leased from Aviator Capital on November 15.
