Ghitha Holding, a subsidiary of Abu Dhabi-based conglomerate International Holding Company, announced a significant milestone in its growth strategy by expanding within the logistics and aviation sector, a report said.

Through its wholly-owned indirect subsidiary, Ghitha Aeroinvest Holding RSC Ltd, the company entered into a share purchase agreement (SPA) dated as of February 1, 2024, to acquire a 44% stake in MNG Havayollari ve Tasimacilik A.S. (MNG Airlines), a leading commercial cargo company headquartered in Turkey, Emirates News Agency, WAM, said.

The acquisition, valued at $211.20 million, 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.

Falal Ameen, Group Chief Executive Officer of Ghitha Holding, said: “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.

“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.”

Murathan Günal, Chairman of the Board of MNG Airlines, said: “We are delighted to join forces with Ghitha Holding, a company that shares our vision for growth and excellence. This collaboration is a testament to the hard work and dedication of our team at MNG Airlines and opens up new horizons for us in terms of operational capabilities and geographical reach.

“Together with Ghitha Holding, we look forward to setting new benchmarks in the cargo and logistics sector and to a future of mutual success."

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 specialised services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services.

The transaction is subject to certain closing conditions and regulatory approvals, with an anticipated completion in H1 2024. Ghitha Holding is committed to working closely with MNG Airlines to ensure a seamless transition and to explore new avenues for growth and expansion in the aviation sector.