Arkia sold 20% stake in low-cost carrier Axis French Airlines after reporting it had lost $5 million from flight cancellations
Arkia Airlines Ltd. has sold its 20% stake in low-cost carrier Axis French Airlines (IATA code: 9X) for an estimated €5-7 million to its owner, Zvi Amar.Axis Airways is an airline based in Marseille France.
It operates domestic and international charter flights and cargo services on behalf of European clients. Its main bases are Marseille Provence Airport and Paris Charles de Gaulle.
Axis French Airlines was launched three years ago, flying between Marseilles, Tel Aviv, as well as charter flights to a range of destinations in North Africa, including Casablanca.
Arkia sold the stake, after reporting that, due to the economic crisis and the military campaign in Gaza, it had lost $5 million from flight cancellations.
Axis French Airlines announced that it will begin scheduled flights between Tel Aviv and Marseilles and Paris Charles de Gaulle Airport in April.
Amar is alsohead of the Jewish community in Marseilles.