Cypriot-based Tus Airways’ ownership has been equally split three ways, following completion of an investment transaction by a third party.
Tus Airways had previously been owned by Global Knafaim Leasing and US entrepreneur Kenneth Woolley, with Woolley holding a stake of slightly over 50%.
But Global Knafaim states that a 26 March transaction, which included third-party investment of $3 million, has resulted in the three partners’ each having an equal one-third share in the airline.
While Global Knafaim has not named the investor, Tus Airways had previously disclosed in January that it was entering an investment partnership with Holiday Lines Group, which is linked to Greek carrier Bluebird Airways.
Completion of the transaction follows an extension of the deadline – to 31 March – for various conditions to be fulfilled.
Global Knafaim had stated that it expected Cypriot transport authority approval by this date, but that it was still awaiting Cypriot and Israeli regulatory clearance.
Both Global Knafaim and Woolley have provided a number of loans to Tus, including financial support during the Israel-Gaza conflict and a bridging loan until the investment transaction was finalised.
