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MEA circles Cyprus Airways Middle East Airlines said it may bid for a stake in Cyprus Airways, the island’s loss-making airline. The Cypriot government approved a capital raise for the state-run airline and announced it would consider offers for the sale of an unspecified stake. Cyprus Airways, 70 percent owned by the government, said that it entered into a ‘code-share’ agreement, a type of aviation business arrangement, with MEA. “We feel there is real potential for us and we are studying it seriously,” said MEA Chairman Mohamad el-Hout. The acquisition would be the first time MEA invests in a foreign airline. A Greek newspaper has reported that another airline, Russia’s OAO Aeroflot, has shown interest in a stake and is holding talks with Cyprus Airways. Trading in the struggling carrier’s shares were suspended after the reports of a potential stake sale, but were reinstated after Cyprus Airways released a statement