Cyprus Airways signs agreement with Air Miles

Airline Industry Information, June 27, 2005

AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD

Cypriot carrier Cyprus Airways has signed an agreement with Air Miles of Greece for the commercial exploitation of its Greek subsidiary Hellas Jet.

The memorandum of understanding includes a call option on Air Miles to acquire 51% of Hellas Jet shares from Cyprus Airways, and for the Cypriot carrier to sell Air Miles its remaining 49%, Cyprus Air said in a statement. No financial details of the agreement were disclosed.

Air Miles is the commercial name of Trans World Aviation, based in Greece.

((Comments on this story may be sent to aii.feedback@m2.com))