Manara acquires 21% stake in ACT Airlines

Dubai: Saudi-backed Manara Investments Ltd has acquired an effective 21 per cent equity stake in Istanbul-based cargo carrier ACT Airlines.

The carrier is now focused on enhancing its business within the Middle East and North Africa (Mena) region, Eastern Europe, Central and South Asia.

Manara is a newly-established investment vehicle sponsored by four leading Saudi business groups.

ACT Airlines began life in 2004. Two years later, the company was bought by Yavuz Çizmeci and Cankut Bagana, two of Turkey's aviation veterans, in partnership with HBK Investments.

Under this new management team, ACT's fleet of A300s has grown from two to seven, while the workforce numbers over 250 employees.

Adeeb Ahmad, representing Manara said: "With its highly experienced management team and a focus on providing world class air cargo services to some of the world's fastest growing economies, we have no doubt that ACT is well-positioned to take advantage of emerging opportunities.

"Manara is delighted with this new strategic partnership and we expect ACT Airlines to become a leading regional and international player."