Skyways Air Services: Divests 40% stake in Avito Global Freight

Skyways Air Services Limited's Board of Directors has approved the disinvestment of 40% of its shareholding in Avito Global Freight Private Limited to its Core Operating Team for ₹92.12 Lakhs. This strategic move aims to expand the company's reach. Following the transaction, Avito Global Freight will remain a subsidiary with Skyways retaining 60% ownership. Additionally, Skyways and the Core Operating Team will jointly invest up to ₹2 Crore in Avito Global Freight. The company also approved the incorporation of a wholly-owned subsidiary of Avito Global Freight in Masdar City Free Zone, Abu Dhabi, to facilitate international business expansion. A corporate guarantee of up to VND 30,000,000,000 (approx. ₹11 Crore) was also approved for Skyways SLS Logistik Company Limited (Vietnam).