Abu Dhabi-based Ghitha Holding has abandoned its plan to acquire a 44% stake in MNG Airlines, a leading player in Turkey’s cargo industry. The $211.2 million deal was mutually terminated by both parties.
One of the UAE’s prominent trading companies, Ghitha Holding, had signed the agreement in February to acquire nearly half of the Turkish cargo airline. However, in a statement made to the Abu Dhabi Securities Exchange yesterday, the company announced that the acquisition, planned through its subsidiary Ghitha Aeroinvest Holding, was canceled. No explanation was provided for the decision.
Had the sale been finalized, Ghitha Holding would have owned 44% of MNG Airlines, marking a significant milestone for both Turkey’s aviation sector and the UAE’s international commercial investments.
Why Was the Sale Canceled?
The termination of the $211.2 million agreement has sparked various speculations in the industry. Experts suggest that the cancellation could stem from economic uncertainties, regulatory challenges, or strategic differences between the parties involved.
MNG Airlines’ Position in the Sector
As one of Turkey’s leading cargo airlines, MNG Airlines holds a crucial role in international trade with its extensive fleet and logistics network. The prospective sale to a UAE investor was viewed as a noteworthy move in the aviation and logistics industry.
Ghitha Holding: Continuing Growth Strategy
Ghitha Holding remains a major player in the UAE’s trade and logistics sector, maintaining its investment goals across diverse markets. However, the cancellation of this deal raises questions about the company’s future plans for the Turkish market and whether its strategic direction may change.
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