Ghitha wants 44% of Turkish air cargo outfit MNG Airlines

Ghitha Aeroinvest to acquire 44% stake in MNG Airlines:UAE food and beverage giantGhitha Holding subsidiary Ghitha Aeroinvest has entered into a share purchase agreement to acquire a 44% stake in Turkish air freight cargo company MNG Havayollari ve Tasimacilik (MNG Airlines) for USD 211.2 mn (AED 775.7 mn), according to an ADX disclosure (pdf). The acquisition is slated for completion in 1H 2024.

Some of the expected upshots for Ghitha: Ghitha will also look to leverage MNG’s experience in cargo and logistics to power its ambition to become a “regional powerhouse” in food trading, Ghitha Group CEO Falal Ameen said in a statement cited by the disclosure.

About MNG Airlines: MNG Airlines provides cargo services like scheduled and block space charter; aircraft, crew, maintenance and ins.; and special cargo, and comprehensive technical services, according to the disclosure.