Israel's Global Knafaim buys 49.9% stake in Cyprus' Tus Airways

Israel’s Global Knafaim said on Thursday it bought a 49.9% stake in the small Cypriot airline Tus Airways with a $5m 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. It said that a previous investor, US businessman Kenneth Woolley, who owns the small, rebranded Eastern Airlines, will inject $4m and control a 50.1% stake.<br/>