Cypriot carrier Tus Airways’ major shareholder has notified the other investor parties that it is exercising an option to take the entire share capital of the airline.
The major shareholder is a company owned by Ami Cohen and Arnon Englander, who are linked to the Israeli firm Holiday Lines Group.
This company had entered the shareholding structure of Tus Airways early last year, with the result that it held a stake equal in size to those of Global Knafaim Leasing and US businessman Kenneth Woolley.
But it subsequently increase its interest, raising its share to 75% in November 2024, through a transaction which also gave it the option of taking over the entire share capital.
Global Knafaim states that Cohen and Englander’s company has “notified” the other shareholders that it will exercise this option to acquire the remaining 12.5% shareholdings held by each.
The total consideration to be paid to Global Knafaim and Woolley is estimated at $1.3 million.
“In accordance with the agreement between the parties…the investor will hold all of the Tus shares,” says Global Knafaim.
Tus Airways will be required to return to Global Knafaim and Woolley the balance of loans provided by each of them – around $1.1 million apiece.
