Sale of Georgia’s Myway Airlines in progress – report

MyWay Airlines (MJ, Tbilisi) owner Georgian Huashun International Industrial Investment Group is in the process of selling a 100% stake in the scheduled passenger carrier to Plus Aviation Investment, Business Media Georgia reported. The parties have reportedly signed a share purchase agreement, with the volume of the deal set at USD1.95 million. Plus Aviation Investment was registered in August 2020, according to registry documents seen by Business Media Georgia. Chinese citizen Chengliang Liu owns a 49% stake in this new company, with 40% owned by Simon Jambazishvili, MyWay Airlines’ chief operating officer, and the remaining 11% by Rati Bakuradze, its chief executive. MyWay Airlines is already Chinese-backed, as Urumqi-based Hualing Group owns Georgian Huashun International Industrial Investment Group, a Kutaisi-based investment company also engaged in tourism, hotels, and furniture trading. However, Caucasus Business Week reported on October 8 that Georgia’s Public Registry had rejected the purchase agreement citing a lack of documentation on the amount it was to be sold for. The registry gave the parties 30 days to correct the materials. The airline told the publication: “The airline continues to operate as usual, and we do not have information about the decisions of the company’s partners.” Since it commenced operations on March 31, 2018, MyWay Airlines has kept its fleet at two B737-800s, one of which is currently wet-leased to Sudan’s Badr Airlines (J4, Khartoum), according to the ch-aviation fleets advanced module. MyWay operated 3x weekly from Tbilisi to Tel Aviv Ben Gurion until the coronavirus pandemic put a stop to the route. Since then, B737-800 4L-BQJ (msn 35075) has operated one-off charter flights, for example returning from Dubai Int’l on October 25, ch-aviation analysis of AirNav Radarbox data shows.