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Cyprus’s TUS Airways cedes 49.9% stake to Knafaim

Cyprus’s TUS Airways set to sell 49.9% stake to Israeli firm

Having lost a controlling stake in El Al Israel Airlines (LY, Tel Aviv Ben Gurion) last year, Knafaim Holdings has now set its sights on acquiring a 49.9% stake in TUS Airways (U8, Larnaca). Under the terms of a May 26 letter of intent, Knafaim, controlled by Israeli businesswoman Tami Mozes-Borovitz, will invest USD5 million while US businessman Kenneth Woolley will buy the remaining 50.1% for USD4 million. The deal is expected to close by the end of July, a stock exchange disclosure said.

Knafaim Holdings, whose stake in El Al diminished when the Israeli flag carrier applied for a government bailout, will own the shareholding in TUS via its Global Knafaim Leasing subsidiary. Woolley is the controlling shareholder of Pennsylvania-headquartered Eastern Airlines (2D, Miami Int'l), which rebranded itself from Dynamic International Airways (2D, Greensboro) in 2018.

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