Abu Dhabi – Mubasher: Ghitha Aeroinvest Holding Limited, a wholly-owned indirect subsidiary of Ghitha Holding entered into a share purchase agreement (SPA) to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines).
The transaction aligns with the ADX-listed firm's growth strategy to expand business within the logistics and aviation sector, according to a press release.
Ghitha Holding inked the agreement, on 1 February 2024, at a value of $211.20 million.
The acquisition of MNG Airlines, a leading commercial cargo firm in Turkey, will boost Ghitha Holding’s portfolio and position it to become the largest company in the regional food trading sector.
Subject to certain closing conditions and regulatory approvals, the transaction is expected to be completed during the first half (H1) of 2024.
Falal Ameen, Group CEO of Ghitha Holding, commented: “The integration of MNG Airlines into our portfolio represents a significant leap in our journey towards becoming a regional powerhouse in the food trading sector.”
“This partnership not only expands our logistical capabilities but also strengthens our commitment to supplying our customers with the highest quality products, sourced from around the globe,” Ameen noted.
Murathan Günal, Chairman of MNG Airlines, said: “Together with Ghitha Holding, we look forward to setting new benchmarks in the cargo and logistics sector and to a future of mutual success."
Earlier this year, Ghitha Holding appointed Mohamed Somar Nassouh Ajalyaqin and Hamad Khlfan Ali Matar Al Shamsi as the Chairman and Vice Chairman of the board, respectively.
