The ownership of Cyprus-based Tus Airways has been split into three equivalent parts, following the final touch of an investment transaction with a third party.
In the past, Tus Airways was owned by Global Knafaim Leasing and American businessman Kenneth Woolley, with Woolley holding a stake of just over 50%.
But Global Knafaim says a March 26 deal, which included a $3 million third-party investment, gave the three partners a stake equivalent to one-third in the airline each.
Although Global Knafaim did not call the investor, Tus Airways had revealed in January that it was going to enter into an investment partnership with Holiday Lines Group, which is connected to Greek airline Bluebird Airways.
The icing on the cake of the transaction comes after an extension of the deadline – until March 31 – for the conditions to be met.
Global Knafaim had said it was awaiting approval from the Cypriot shipping government until that date, but still awaiting Cypriot and Israeli regulatory clearance.
Global Knafaim and Woolley have made several loans to Tus, adding monetary aid for the Israel-Gaza clash and a bridge loan until the investment transaction is completed.
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