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Knafaim Holdings Finalizes deal with TUS airways

Israeli investor Knafaim Holdings is expecting to concentrate initially on services to Mediterranean destinations from Israel and Cyprus, after completing its acquisition of a 49.9% shareholding in Tus Airways.

Global Knafaim is looking at leasing “one or two” Airbus A330s to the carrier following its investment, having signed the agreement on 13 September.Global knaf have an A330-300 and an A330-200 available

The company is paying $5 million out of a total $9 million investment in Tus, with the current Tus shareholder – US entrepreneur Kenneth Woolley – contributing the balance.

Global Knafaim says Tus will “open an option” for the carrier to operate aircraft which remain unleased by the lessor.

Tus turned in a loss of €1.39 million ($1.62 million) for the first half of 2021. Global Knafaim had stated that, upon completion of the transaction, Tus would have positive equity and would not have external debts other than liabilities from the normal course of business.

Tus airways operates two A320s as of October 2021

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