raised the share capital of the company and sold the state-owned majority of shares. Negotiations were developing with Aeroflot, which was expected to buy the company if an agreement is reached with the Cypriot government. In May 2012, Cyprus Airways announced that interest was expressed by Triple Five Group, the first official announcement concerning a bidder for the sale of the company. On 23 July 2012, the Cyprus Stock Exchange suspended dealing in Cyprus Airways shares, due to the delay by Cyprus Airways in submitting and publishing its annual financial statements for the year ended 31 December 2011.