Just seven days after registering the transfer of 47% of the shares of Vlora Airport from the Swiss investor MABCO Constructions to the Albanian company 2A Group, the National Business Center (NBC) has annulled its decision, accepting MABCO's administrative appeal. The institution found that the registration was approved without administering the prior written approval of the National Commercial Bank (BKT), required by the insurance agreement on the concession company's shares.
The decision of October 26, 2026, signed by the Director General of the Central Airport Authority, Etugert Llazi, repeals the administrative act of October 19, through which the transfer of 47% of the capital of the Vlora International Airport company from MABCO to 2A Group was registered. With this registration, the participation of the Swiss investor was reduced from 98% to 51%, while that of the Albanian company was increased from 2% to 49%.
In the new decision, the CBRC acknowledges that the transfer was registered without fulfilling an important condition arising from the security agreement deposited in the commercial register since May 2024. This agreement, concluded between BKT as the pledgee and MABCO and 2A Group as the pledger, provided for restrictions on the sale and transfer of the quotas placed as collateral.
"The agreement defines the quotas as collateral; article 11, letter 'h', conditions its sale, transfer or disposal with the prior written approval of the bank," the NCC decision states.
The institution also found that, during the application for registration of the transfer, a letter dated September 22, 2025, was submitted, through which 2A Group had addressed BKT for the transfer of quotas. However, the documentation did not prove that the bank had given the required approval.
"It appears that no prior written approval was administered by BKT. The notification does not in itself fulfill the specific requirement for written approval under the insurance agreement," argues the CKB.
This finding constitutes the essence of the new decision, as it shows that the institution had approved the change in ownership of the concessionaire without verifying the fulfillment of a condition set out in the insurance agreement, which had been previously filed in the commercial register.
At the end of the review, the Central Bank decided to “Accept the administrative appeal of the company 'Mabco Construction SA'”, as well as “Cancel the administrative act of approval, dated 19.10.2026, of the application CN-711779-10-26, for the registration of the transfer of the quotas of the company 'Vlora International Airport – VIA' sh.pk”
The Business Registration Directorate has been tasked with implementing the decision, while the document has been addressed for notification to MABCO Constructions, 2A Group, the concessionaire company, and the National Commercial Bank.
The decision constitutes a step back for state institutions in the conflict over control of Vlora Airport, where for months the two partners have been involved in a legal clash over the validity of the contract for the transfer of 47% of the quotas and the administration of the concession company.
However, the Central Bank of Kosovo has made a distinction between the legality of the registration and the validity of the sale and purchase contract itself. According to the institution, the lack of bank approval constitutes a deficiency that must be assessed for registration, “without automatically being equated with the invalidity of the transfer contract.”
The cancellation comes just a few days after MABCO filed a complaint with SPAK regarding the registration of the quota transfer, challenging the legality of the actions carried out by the Central Bank and representatives of the concession company.
The October 26 decision confirms that the registration of the transfer of 47% of the quotas was approved without administering a document required by the insurance agreement.
With the annulment of the administrative act, the registration of the transfer of 47% of the quotas loses its basis, paving the way for the restoration of the previous ownership structure, with MABCO holding 98% and 2A Group holding 2% of the capital.
