Global Knafaim buys 49.9% in TUS Airways

Global Knafaim Leasing of Knafaim Holdings, previously a majority shareholder in El Al, bought a 49.9% stake in TUS Airways and will inject $5 million into the Cypriot Airline.

Global Knafaim Leasing now owns 49.9% of the Cypriot TUS Airways. Under the terms of the deal, Global Knafaim will inject $5 million into the airline, while US businessman Kenneth Woolley, the controlling shareholder in US carrier Eastern Airlines, will inject $4 million for a 50.1% stake.

TUS Airways is a small Cypriot airline with flights to Europe and Tel Aviv since 2016, though the airline halted operations with the outbreak of COVID-19. Now it’s back, with Michael Weinstein, an aviation industry veteran, at the helm again as CEO.

Based in Larnaca, the airline will resume operations in the Eastern Mediterranean. Having based its operations in the past on smaller aircraft, it is currently looking into leasing wide-bodied planes and launching long-haul flights to Asia and North America. TUS is also mulling over leasing two A330 airbus planes from Global Knafaim and has also granted the Israeli company rights for air and ground services.

According to Global Knafaim CEO Sidney Slaskey, “We believe in the partnership with Kenneth Woolley, who is rich in know-how and expertise in the aviation industry, to renew operations of TUS Airways, as a young, efficient, dynamic and innovative company with a license to operate flights in Europe, which will allow it to develop within Europe as well as to other long-haul destinations. The proven experience of both parties and the unique circumstances in the aviation industry will enable the partners to realize the potential contained in TUS.”


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