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49.9% of a Cypriot airline at Global Knafaim

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49.9% of a Cypriot airline at Global Knafaim

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TUS Airways' shareholding structure changed after acquiring 49.9% of its share capital from the Israeli interest group Global Knafaim, according to a statement from the law firm Stelios Americanos & Co LLC, which handled the process.

Stelios Americanos & Co LLC advised the Israeli group Global Knafaim to enter into a $ 5 million transaction, thus acquiring 49.9% in the share capital of TUS AIRWAYS LTD, the Cypriot airline based in Larnaca. Existing shareholder Kenneth Woolley also invested an additional $ 4 million, bringing the total amount of the transaction to $ 9 million.

Stelios Americanos & Co LLC participated in the due diligence phase of the transaction, in the preparation and negotiation of the relevant transaction documents leading to the new shareholder structure of TUS AIRWAYS LTD as well as at the closing of the transaction.

TUS currently owns two leased Airbus A320s and plans to expand and expand its fleet.

What is Global Knafaim?

Global Knafaim Leasing Ltd (“GKL”) is a listed airline engaged in the acquisition, leasing and marketing of used commercial aircraft. GKL is controlled by Knafaim Holdings Ltd. GKL has extensive, rich industry experience and is a trusted company with excellent relationships with airlines, leasing companies and financiers in North and South America, Europe, Asia, Australia and South Africa. GKL has been a public company listed on the Tel Aviv Stock Exchange since July 2017. To date, GKL has paid more than $ 50,000,000 in dividends to its shareholders.

Source: www.philenews.com

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