Cyprus Airways unveils new ownership and chief executive

Cyprus Airways has been acquired by Malta’s SJC Group and has named George Mavrocostas as its new CE. Russia’s S7 Group had said in April that it was looking to sell its 36.9% stake in the airline. S7 secured the right in 2016 to use the trade name of Cyprus Airways, which ceased operations in 2015, to launch its own Cypriot start-up, Charlie Airlines. It said at the time that it would take about a 40% stake in the airline, the rest being held by local investors. In a 1 July statement, Cyprus Airways says that it has been acquired by SJC Group, which it describes as “a Maltese group with operations across Africa and the Middle-East, incorporating a number of different activities including helicopter commercial flight operations and maintenance from dedicated hangars within Malta International airport”. The Larnaca-based carrier says it has promoted chief operations officer George Mavrocostas to chief executive, and that he will be “at the forefront of a series of planned developments at the national airline brand designed to bring a competitive edge to the airline and to restore its Mediterranean heritage”.<br/>