After losing El Al, Knafaim buys 49.9% stake in TUS Airways
Knafaim will inject $5 million into the Cypriot airline while Eastern Airlines Kenneth Woolley will inject $4 million for a 50.1% stake.
After losing control of El Al Israel Airlines Ltd. (TASE: ELAL), Knafaim Holdings Ltd. (TASE: KNFM) has bought a 49.9% stake in Cypriot airline TUS Airways. Under the terms of the deal, Knafaim, controlled by Tami Mozes-Borovitz, will inject $5 million into the airline, through its Global Knafaim Leasing unit, while US businessman Kenneth Woolley will inject $4 million for a 50.1% stake. Woolley is the controlling shareholder in US carrier Eastern Airlines.
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Reuters
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Israel s Global Knafaim (GKL.TA) said on Thursday it bought a 49.9% stake in the small Cypriot airline Tus Airways with a $5 million investment.
Global Knafaim is a unit of Knafaim Holdings (KNFM.TA), which lost a controlling stake in Israel s flag carrier El Al last year when the airline applied for a government bailout.
Tus Airways has two Airbus A320 aircraft and will begin flying in Europe this summer and is considering buying Airbus A330 planes suitable for longer flights, Global Knafaim said.
It said that a previous investor, U.S. businessman Kenneth Woolley, who owns the small, rebranded Eastern Airlines, will inject $4 million and control a 50.1% stake.
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