CY completes Hellas Jet sale

Trans World is based in Greece and operates under the trade name Air Miles. The deal was the second part of an agreement for CY to sell its remaining 49 per cent share in the Athens-based Hellas Jet.
Last May CY, signed an agreement with Air Miles for the commercial exploitation of Hellas Jet.
The memorandum of understanding included a call option on Air Miles to acquire 51 per cent of Hellas Jet shares from Cyprus Airways, and for the Cypriot carrier to sell Air Miles its remaining stake.
CY, which set up Hellas Jet in June 2003, suspended the airline’s operations in May last year after losing around £1 million a month on the airline, which by the time it stopped flying had cost £50 million.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.