Riyadh - Mubasher: Flynas Company announced on 6 September 2026 the signing of a share purchase agreement to acquire a 10% equity stake in Swissport Saudi Arabia Limited for a total consideration of SAR 50 million ($13.33 million).
The deal, funded through internal resources, includes a call option for Flynas to acquire an additional 10% stake upon the renewal of service agreements.
The transaction is coupled with a five-year ground handling agreement effective from 6 March 2027 until 5 March 2032.
Under this contract, Swissport Saudi Arabia will become the exclusive provider of ground handling services for Flynas across all commercial airports in the Kingdom.
Consequently, Flynas has issued a termination notice to its current provider, Saudi Ground Services Company, effective 6 March 2027.
Annual purchases under the new ground handling arrangement are expected to represent approximately 5% of the airline's revenues.
The acquisition remains subject to customary closing conditions and regulatory approvals from the General Authority for Civil Aviation (GACA) and the General Authority for Competition (GAC).
Swissport Saudi Arabia reported total assets of SAR 203 million as of 31 May 2026, compared to SAR 216 million in 2025 and SAR 118 million in 2024.
