JERUSALEM, Might 27 (Reuters) – Israel’s International Knafaim GKL.TA stated on Thursday it purchased a 49.9% stake within the small Cypriot airline Tus Airways with a $5 million funding.
International Knafaim is a unit of Knafaim Holdings KNFM.TA, which misplaced a controlling stake in Israel’s flag provider El Al final yr when the airline utilized for a authorities bailout.
Tus Airways has two Airbus A320 plane and can start flying in Europe this summer season and is contemplating shopping for Airbus A330 planes appropriate for longer flights, International Knafaim stated.
It stated {that a} earlier investor, U.S. businessman Kenneth Woolley, who owns the small, rebranded Japanese Airways, will inject $four million and management a 50.1% stake.
(Reporting by Ari Rabinovitch Modifying by Steven Scheer)
(([email protected]; +972-2-632-2202; Reuters Messaging: [email protected]@reuters.web))
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially replicate these of Nasdaq, Inc.