Turkish LCC Pegasus Airlines has sold its 49% stake in Kyrgyz subsidiary Air Manas.

In a filing with the Istanbul stock exchange, the shareholding was listed as having been sold to a UK-registered company, AviaTrade Corp LP, which was set up in January 2018. AviaTrade could not immediately be contacted.

The original Air Manas was set up as a charter airline in 2006 but was reconstituted in 2012.  Seeking a strategic partner for the airline, the Kyrgyz shareholders chose Pegasus, with 51% participation held by Kyrgyz interests and the remainder by the Turkish carrier.

Initially renamed as Pegasus Asia, it reverted to its original name in 2015. Its current fleet is given as a single Boeing 737-400, but Pegasus is known to have provided two 737-800s from its fleet in recent years. Pegasus aimed to break into the local region, which at the time was dominated by small, monopoly players in the Central Asia. With this aim, Bishkek-based Air Manas was operated as an LCC.

In its stock exchange filing, Pegasus said the transaction “is not expected to have a material impact on our operations or financial results.”

Alan Dron alandron@adepteditorial.com