Only Georgian low-cost airline being abolished

The Georgian Civil Aviation Agency has revoked the license of the Georgian low-cost airline Myway Airlines due to the sale of the company's shares to a foreign citizen, Report informs.

The agency commenced administrative proceedings against Myway Airlines in August, after 40% of the company's shares were sold to a foreign citizen who became the owner of 89% of the shares. Under Georgian law, an air transportation license is issued to a legal entity registered in Georgia in which a citizen or legal entity based in Georgia owns more than 50% of the shares.

Low-cost airline, in turn, considers the decision of the Civil Aviation Agency unfounded. The company's management intends to go to court.

MyWay Airlines was established in Georgia by the Chinese Hualing Group in 2018. Two aircraft worth $ 43.4 million were imported to Georgia from China in November. MyWay Airlines operated its first flight at the end of March 2019 in the direction of Tehran.