BOI deal today on Cinnamon Air venture by JKH-Brandix-MMBL

Thursday, 2 August 2012 00:00 - - {{hitsCtrl.values.hits}}

THE agreement with the Board of Investment and the joint venture between top firms John Keells Holdings (JKH), Brandix Ltd., and MMBL to start a new domestic air operation will be signed today.

Daily FT learns the new operations will be branded as Cinnamon Air, with JKH holding 40% stake in the joint venture and Brandix and MMBL owning 30% each. The Daily FT in January exclusively reported the impending deal by the consortium in a bid to tap the post-war rebound in tourism. The venture with an initial investment of $ 7 million will operate two Amphibian aircraft which has the ability to land and take off from both land and water giving it a unique advantage as opposed to some of the existing players in domestic aviation.

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