The acquisition strengthens Ghitha’s logistics and aviation sectors
Ghitha Holding, a subsidiary of Abu Dhabi-based conglomerate International Holding Company, has announced a significant milestone in its growth strategy by expanding within the logistics and aviation sector.
Through its wholly owned indirect subsidiary, Ghitha Aeroinvest Holding, the company entered into a Share Purchase Agreement (SPA) to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines), a leading commercial cargo company headquartered in Turkey.
The acquisition, valued at US$ 211.20mn, marks a significant stride towards diversifying Ghitha Holding’s robust portfolio, not only amplifying its logistical and distribution capabilities but also aligning with its ambitious goal to become the largest company in the regional food trading sector, providing high-quality products that meet and exceed customer expectations.
Leveraging expertise
“We are proud to leverage MNG’s expertise in cargo and logistics to further enhance our service offerings and to continue evolving in line with our customers’ needs and preferences,” commented Falal Ameen, Group CEO, Ghitha Holding.
“Together with Ghitha Holding, we look forward to setting new benchmarks in the cargo and logistics sector and to a future of mutual success,” stated Murathan Günal, Chairman of the Board, MNG Airlines.
Ghitha Holding, with a portfolio that spans across food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services, views this acquisition as a strategic move to expand its capabilities and reach in the global supply chain.
MNG Airlines operates at the forefront of the cargo and logistics industry, offering specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services.
