UAE-based company abandons acquisition of MNG Airlines

Abu Dhabi-based Ghitha Holding has abandoned its plan to acquire 44 percent of MNG Airlines.

The company's subsidiary, Ghitha Aeroinvest Holding, had agreed in February to purchase 44 percent of MNG Airlines for 211.2 million dollars.

In a statement made by Ghitha to the Abu Dhabi Securities Exchange yesterday, it was stated that both parties had mutually agreed to terminate the deal.

No reason was provided for the decision.