ECONOMY

Israeli company buys stake in Tus Airways

israeli-company-buys-stake-in-tus-airways

Israel’s Global Knafaim said on Thursday it bought a 49.9% stake in the small Cypriot airline Tus Airways with a $5 million investment.

Global Knafaim is a unit of Knafaim Holdings, which lost a controlling stake in Israel’s flag carrier El Al last year when the airline applied for a government bailout.

Tus Airways has two Airbus A320 aircraft and will begin flying in Europe this summer and is considering buying Airbus A330 planes suitable for longer flights, Global Knafaim said. [Reuters]