Georgian Huashun International Industrial Investment Group sells stake in Myway Airlines
BAKU, Azerbaijan, October 8
By Tamilla Mammadova – Trend:
Georgian Huashun International Industrial Investment Group LTD sells a 100 percent stake in Myway Airlines, Trend reports via Georgian media.
The buyer is already known, it is the company Plus Aviation Investment. A share purchase agreement has already been signed between the parties, and the volume of the deal is $1.95 million.
According to the public registry, Plus Aviation Investment was registered in August 2020. Its 49 percent share is owned by Chinese citizen Chengliang Liua, 40 percent by Simon Jambazishvili, and 11 percent by Rati Bakuradze, CEO of the same company.
According to the purchase agreement between the parties, the buyer must pay the amount within 3 days after signing the contract by one transfer method.
The purchase agreement states that Plus Aviation Investment Company must ensure the fulfillment of the obligations under the Loan Recognition Agreement between Georgian Huashun International Industrial Investment Group LTD and Georgian Timber Industrial Society Ltd. on June 29, 2020.
Georgian airline Myway Airlines has some problems with access to the EU market. For example, because the airline did not meet the requirements for single airspace between Georgia and the EU, regular flights to EU countries were refused in July 2019.
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