TUS Airways (U8, Larnaca) is getting a new majority shareholder after investors used a call option in an existing agreement to increase their stake, a stock exchange filing revealed.
Ami Cohen and Arnon Englander, owners of the Holiday Lines Group, which had acquired a 33.3% stake in the Cypriot carrier earlier this year, will acquire equal parts of stakes from fellow existing owners, Global Knafaim Leasing and US entrepreneur/Cypriot national Kenneth Woolley. Cohen and Englander also own BlueBird Airways (BZ, Irakleion).
Following the completion of the transaction, Cohen and Englander will have a joint 75% stake in the carrier which Global Knafaim and Woolley will each have a 12.5% stake.
The value of the transaction was reported at USD2.1 million, according to the Global Knafaim filing.
TUS Airways’ in-house fleet consists of four A320-200s. Earlier this year, one of the aircraft was operated for BlueBird Airways under a wet-lease agreement. The Cypriot carrier currently conducts ACMI operations for Corendon Airlines Europe (XR, Malta International).
