[Istanbul, August 09 2023]- MNG Airlines (MNGA), a prominent global logistics
provider and e-commerce enabler, announces the decision to cancel the proposed
listing on the New York Stock Exchange.
New York – April 13, 2023 - MNG Havayollari ve Tasimacilik A.S. (“MNG Airlines,” “MNGA” or the “Company”), a global logistics provider and e-commerce enabler; and Golden Falcon Acquisition Corp. (“Golden Falcon”) (NYSE: GFX), a publicly traded special purpose acquisition company, announced the filing of a registration statement on Form F-4 (the “Registration Statement”) by MNG Airlines, which contains a preliminary proxy statement/prospectus, with the U.S. Securities and Exchange Commission (“SEC”) in connection with their recently proposed business combination.
ISTANBUL, 22 February 2023 – Golden Falcon Acquisition Corp. (“Golden Falcon”) (NYSE: GFX), a special purpose acquisition company, and MNG Havayollari ve Tasimacilik A.S. (“MNG Airlines,” “MNGA” or “the Company”), a global logistics provider and e-commerce enabler today announced the submission of a confidential draft Registration Statement on Form F-4 to the U.S. Securities and Exchange Commission (the “SEC”) on February 14, 2023 with respect to their previously announced proposed business combination.
ISTANBUL, 23 February 2023 –MNG Havayollari ve Tasimacilik A.S. (“MNG Airlines,” “MNGA” or “the Company”), a global logistics provider and e-commerce enabler today announced strong preliminary unaudited financial results and operational highlights for full year 2022.
In partnership with the Turkish Ministry of Interior Department of Disaster and Emergency Management, the Turkish Red Crescent, the World Health Organization, Beşiktaş J.K. and the Turkish Pharmacists’ Association, MNG Airlines is working to supply rescue and relief supplies to southeast Turkey.
ISTANBUL, 23 February 2023 – The board of directors of MNG Havayolları ve Taşımacılık A.Ş. (“MNGA”) has announced its intent to distribute a cash dividend of TRY 662 million (TRY 16.76 per ordinary share), or approximately $35 million ($0.89 per ordinary share) based on the exchange rate from S&P CapitalIQ as of February 17, 2023, for the fiscal year 2022 subject to the approval of its shareholders in its upcoming general assembly to holders of record of MNGA’s ordinary shares as of the general assembly date.
MNG Airlines, a Global Logistics Provider and e-Commerce Enabler, Signs Agreement to Go Public on the New York Stock Exchange Through a Business Combination with Golden Falcon Acquisition Corp.
•MNG Airlines is a global logistics provider and e-commerce enabler, servicing over 15,000 corporate customers across 41 countries through over 3,500 flights per year
•Recently announced financials for the third quarter ended 30 September 2022 reflected last twelve months (LTM) revenue grew by 39% year over year to $353 million, net income of $61 million and Adjusted EBITDA of $116 million (33% margin)
•The transaction is expected to have a pro-forma enterprise value of $676 million, assuming minimum gross transaction proceeds of $30 million, implying a 5.8x multiple on LTM Adjusted EBITDA as of 30 September 2022
NEW YORK, 07 December 2022 – MNG Havayollari ve Tasimacilik A.S. (“MNG Airlines,” “MNGA” or “the Company”), a global logistics provider and e-commerce enabler, has entered into a definitive agreement to become publicly traded via a business combination with Golden Falcon Acquisition Corp. (“Golden Falcon”) (NYSE: GFX), a special purpose acquisition company. The transaction is expected to close in the first half of 2023, after which MNGA will be listed on the New York Stock Exchange (the “NYSE”) under the new ticker symbol “MNGA”. As a public company, MNGA is expected to gain increased financial flexibility, and to be well positioned to unlock new growth avenues and maximize value creation.
Ali Sedat Özkazanc, CEO of MNGA, commented, “We see significant value creation potential from becoming a publicly listed company in the U.S., with the expectation that it will enable transformative commercial agreements, create an acquisition currency, and align management incentives with shareholders.”
Murathan Gunal, Chairman of MNGA and CEO of MAPA Group, added, “Today, MNGA is an international company with a global presence including multinational corporate clients in the U.S., Europe and Asia. In the year that we celebrate 25 years of operational excellence, listing on the NYSE feels like a natural next step in our company’s history. We’re excited about delivering on the anticipated value creation opportunity ahead.”
Makram Azar, CEO of Golden Falcon, commented, “We screened over 500 companies and conducted in-depth due diligence on many companies and our process resulted in identifying a company that offers the market a differentiated, high-quality business. We believe MNGA is an exceptional opportunity among DeSPAC business combinations, with a strong growth profile, profitability, cash flow generation, and priced at what we believe is the lowest EBITDA multiple of any business combination closed to date in 2022, which is why we believe it is such a compelling investment opportunity.”
Scott Freidheim, Chairman of Golden Falcon, added, “At our initial public offering in December 2020, we communicated to investors that we intended to bring to them an established company in the Europe, Middle East and Israel region with a compelling track record, cash flow-generation, a clear transatlantic expansion nexus, a strong growth profile, and benefitting from secular market tailwinds. We’re delighted to bring this differentiated investment opportunity to our investors as we believe MNGA meets the attributes we laid out as key business combination criteria.”
•A Global Logistics Provider and E-Commerce Enabler
•25 years of operating experience with flights to 41 countries on 4 continents
•Sector Tailwinds Due to Increasing Demand Combined with Supply-Side Constraints
•E-commerce tailwinds, an increasing focus on supply chain security, and a need for larger and more efficient dedicated freighter capacity
•Global air freight has historically grown at more than 3x global GDP growth (1973-2019)
•Express air cargo market is forecasted to grow at 5% per year, 1.8x the rate of general cargo (2019-2041)
•Established Track Record, with Close Partnerships and Longstanding Ongoing Contracts •20+ year commercial relationships with some of the largest global logistics providers, airlines, freight forwarders and e-commerce operators, across Europe, the U.S. and Asia
•Strategically Based in One of the Largest and Fastest-Growing Air Cargo Markets Globally
•Air transport freight has increased in the region at ~10x the global rate, growing at a CAGR of 23% from 2009 to 2019 (vs. 2% worldwide)
•Multiple Potential Growth Levers including E-Commerce Integration, Expanded Network and Increasing Penetration in Key Markets Through Vertical Integration
•MNGA e-Commerce revenue grew to $82 million in the last twelve months ended 30 September 2022, from zero in 2020
•Ability to expand warehouse operations in key destinations such as the EU and the U.S.
•Barriers to Entry Driven by Slots Guaranteed at Some of the Most Desirable Airports Globally
•Including in the U.S., China, Germany, United Kingdom, France, the Netherlands, Spain, and Israel
•Operational Excellence Evidenced by Multiple Awards from Airbus and Governmental Agencies
•Consistent outperformance of global benchmarks for dispatch reliability every year over the past decade for both A300s and A330s
•Approved supplier to leading authorities such as the U.N., NATO, and U.S. military and non-military organizations, accredited by IATA (International Air Transport Association) and ISO (International Organization for Standards), and multiple awards from Airbus over the past two decades
•Executive Team with 185+ Years’ Experience, Including 70+ Years with MNGA and 35+ Years with MAPA Group, the Long-Term Single Shareholder
For the three months ended 30 September 2022, the Company’s revenue grew by 47% year-on-year to $90 million, net income of $26 million and Adjusted EBITDA of $27 million (30% margin). Last twelve months revenue grew by 39% year-on-year to $353 million, net income of $61 million and Adjusted EBITDA of $116 million (33% margin). Adjusted EBITDA margin for the last twelve months has improved by 400 basis points as compared with 2019, and revenue has grown at a 37% compound annual growth rate during this period.
The Company’s business model has four complementary segments: Scheduled & Block Space, Charter, ACMI , and Warehouse & Handling. The Company’s cost base is mostly variable, with COGS (cost of goods sold) representing 95% of its overall cost base in 2021. Company contracts have limited exposure to fuel costs, which are either 100% pass-through to the end customer (for charter flights and ACMI) or updated every two weeks (for scheduled flights). Revenues are generated in USD, EUR and GBP, collectively accounting for 98% of the total. The Company has been net income-positive for the last 10 years. The Company has net debt of $25 million as of 30 September 2022.
The transaction is expected to have a pro-forma enterprise value of $676 million, assuming minimum gross transaction proceeds of $30 million, implying a 5.8x multiple on LTM Adjusted EBITDA as of 30 September 2022.
All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public stockholders of Golden Falcon. The Company benefits from significant positive cash flow generation and a capex-light business model, being able to organically fund its growth plans. Its current business plan is fully funded regardless of transaction proceeds. Net proceeds from the transaction will therefore be distributed to the Company’s existing shareholders, who are expected to continue to retain a significant stake in the Company.
The Golden Falcon management team screened over 500 potential targets since its IPO in December 2020. Prior to executing the Business Combination Agreement with MNGA, the Golden Falcon team conducted extensive due diligence throughout the course of the past ten months, supported by its advisor UBS Investment Bank. In order to closely align incentives with the Company and existing shareholders, the Golden Falcon team has agreed to subject over 90% of sponsor shares received as merger consideration to a vesting schedule.
The proposed business combination, which has been unanimously approved by both the Board of Directors of Golden Falcon and the Board of Directors of MNGA, is expected to close in the first half of 2023, subject to approval by Golden Falcon’s stockholders and other customary closing conditions.
Subject to agreement on terms that are satisfactory to the Company and Golden Falcon, in order to provide certain redemption alternatives in connection with Golden Falcon’s stockholder vote to approve the business combination, the Company and Golden Falcon intend to make available to Golden Falcon stockholders some or all of the following options: (i) continue to hold their shares of Golden Falcon Class A Common Stock (“Common Stock”), (ii) elect to redeem their shares of Common Stock in accordance with the Golden Falcon Certificate of Incorporation or (iii) convert their shares of Common Stock into a newly issued security to be comprised of a combination of shares of Common Stock and convertible notes. The Company and Golden Falcon intend for the newly issued security referred to in (iii) above to entitle such Golden Falcon stockholder to receive a portion of the value of its shares in the form of shares of Common Stock and a portion in the form of registered convertible notes, with both a cash coupon, a conversion premium, and other material terms that are expected to be mutually agreed by the Company and Golden Falcon.
Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Golden Falcon with the Securities and Exchange Commission (“SEC”) and will be available on the Golden Falcon website at www.goldenfalconcorp.com, MNG Airlines website at www.mngairlines.com, and at www.sec.gov.
UBS Investment Bank and EarlyBirdCapital, Inc. are acting as capital markets advisors to Golden Falcon. Moelis & Company is acting as financial advisor to Golden Falcon. Greenberg Traurig, LLP and Herdem are acting as legal advisors to Golden Falcon. Appolonia Advisors is acting as financial advisor to MNG Airlines shareholders. White & Case LLP and Göksu Safi Işık (GSI) are acting as legal advisors to MNG Airlines. Paul Hastings LLP is serving as legal counsel to UBS Investment Bank and Moelis & Company.
Adjusted EBITDA is a non-IFRS measure. See the appendix at the end of the Investor Presentation for a reconciliation to the nearest IFRS measures
According to IATA data
According to Airbus data
According to World Bank data
Adjusted EBITDA is a non-IFRS measure. See the appendix at the end of the Investor Presentation for a reconciliation to the nearest IFRS measures.
As of 30 September 2022
Aircraft, Crew, Maintenance and Insurance
Defined as the sum of short-term debt, long-term debt and leases minus cash and equivalents
About MNG Airlines
MNG Airlines is a global logistics provider. The company started operations in 1996, having conducted its first transatlantic flight in 1998, and now services over 15,000 corporate customers across 41 countries through over 3,500 flights per year. MNG Airlines offers charter services with customized plane and capacity options in addition to scheduled flights and aircraft, maintenance, crew and insurance (ACMI) services. MNG Airlines also has a fully equipped and EU standards-compliant warehouse since 2000.
About Golden Falcon Acquisition Corp.
Golden Falcon Acquisition Corp. (Golden Falcon) is a New York Stock Exchange-listed special purpose acquisition company.
Golden Falcon management’s combined experience includes over 100 years of investment banking, private equity and executive management experience and over 230 transactions with an aggregate value of over $450 billion globally. Golden Falcon brings a transatlantic network of relationships with entrepreneurs, family-owned businesses, large corporations, sovereign wealth funds, private equity, venture capital and asset management firms to help finance, support and grow its business combination partner.
In addition, Golden Falcon’s board members and strategic advisory group bring extensive expertise in operating, financing, and investing in leading companies. They have held leadership positions with multinational corporations, where they established a proven track record of creating shareholder value, organically as well as through strategic transactions.
Important Information About the Proposed Transaction and Where to Find It
This press release relates to a proposed transaction between MNGA and Golden Falcon pursuant to a business combination agreement, dated as of December 06, 2022, by and among MNGA, Golden Falcon, Merlin HoldCo, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of MNGA (“HoldCo”), Merlin IntermediateCo, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of HoldCo (“IntermediateCo”), Merlin FinCo, LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of HoldCo and Merlin Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of IntermediateCo (the “proposed transaction”). In connection with the proposed transaction, MNGA intends to file a registration statement on Form F-4 (the “Form F-4”) with the SEC, which will include a proxy statement/prospectus and certain other related documents, which will be both the proxy statement to be distributed to holders of shares of Golden Falcon’s common stock in connection with Golden Falcon’s solicitation of proxies for the vote by its stockholders with respect to the proposed transaction and other matters as may be described in the definitive proxy statement, as well as a prospectus relating to the offer and sale of the securities of MNGA to be issued in the proposed transaction. The definitive proxy statement/prospectus will be sent to all Golden Falcon stockholders as of a record date to be established for voting on the transaction. Golden Falcon also will file other documents regarding the proposed transaction with the SEC.
Before making any voting decision, investors and security holders of Golden Falcon are urged to read the registration statement, the proxy statement/prospectus, and amendments thereto, and the definitive proxy statement/prospectus in connection with Golden Falcon’s solicitation of proxies for its stockholders’ meeting to be held to approve the transaction, and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about Golden Falcon, MNGA and the proposed transaction.
Investors and securityholders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by MNGA and Golden Falcon through the website maintained by the SEC at www.sec.gov. The documents filed by MNGA and Golden Falcon with the SEC also may be obtained free of charge at Golden Falcon’s website at www. goldenfalconcorp.com or upon written request to: Golden Falcon Acquisition Corp., 850 Library Avenue, Suite 204, Newark, DE 19711.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding the benefits of the proposed transaction, the anticipated timing of the completion of the proposed transaction, the intention to offer redemption alternatives to Golden Falcon stockholders, the anticipated growth and expansion of MNGA's business, trends and developments in air cargo industry, MNGA’s addressable market, competitive position, potential market opportunities, expected synergies and anticipated future financial and operating performance and results and the expected management and governance of MNGA, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Golden Falcon and its management, and MNGA and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of Golden Falcon’s securities; Golden Falcon’s potential failure to obtain an extension of the deadline for the proposed transaction; the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the business combination agreement by the stockholders of Golden Falcon; failure to satisfy the minimum cash amount following redemptions by Golden Falcon’s public stockholders in connection with the stockholder vote to extend the business combination deadline and the stockholder vote to approve the business combination agreement and the transactions contemplated thereby; failure to receive certain governmental and regulatory approvals; the lack of a third party valuation in determining whether or not to pursue the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; costs related to the proposed transaction; actual or potential conflicts of interest of Golden Falcon’s management with its public stockholders; the effect of the announcement or pendency of the proposed transaction on MNGA’s business relationships, performance, and business generally; risks that the proposed transaction disrupts current plans of MNGA and potential difficulties in MNGA’s employee retention as a result of the proposed transaction; the outcome of any legal proceedings that may be instituted against MNGA or against Golden Falcon related to the merger agreement or the proposed transaction; failure to realize the anticipated benefits of the proposed transaction; the inability to meet and maintain the listing of Golden Falcon’s securities (or the securities of MNGA) on the NYSE; the risk that the price of Golden Falcon’s or MNGA’s securities may be volatile due to a variety of factors, including macro-economic and social environments affecting MNGA’s business and changes in the combined capital structure; the inability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; the risk that MNGA will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the post-combination company experiences difficulties in managing its growth and expanding operations; negative economic conditions that could impact MNGA and the air cargo business in general; factors that affect air cargo companies generally; changes in, and MNGA’s ability to comply with, laws and government regulations, particularly, the civil aviation regulatory framework; competition in the air cargo industry; reduction in demand for MNGA’s cargo or charter operations, including as a result of reductions in global trade growth or e-commerce activity, government reduction or limitation of operating capacity; risks associated with MNGA doing business in emerging markets; conflict and uncertainty in neighbouring countries; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Golden Falcon’s Annual Report on Form 10-K which was filed by Golden Falcon on March 31, 2022 (the “2021 Form 10-K”) and subsequently filed Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in Golden Falcon’s filings with the SEC, the Form F-4 and the proxy statement/prospectus contained therein. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Golden Falcon and MNGA caution that the foregoing list of factors is not exclusive. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Golden Falcon nor MNGA gives any assurance that either Golden Falcon or MNGA or the combined company will achieve its expected results. Neither Golden Falcon nor MNGA undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Participants in the Solicitation
MNGA and Golden Falcon and their respective directors and officers and other members of management may, under SEC rules, be deemed to be participants in the solicitation of proxies from Golden Falcon’s stockholders with the proposed transaction and the other matters set forth in the proxy statement/prospectus. Information about Golden Falcon’s directors and executive officers is set forth in Golden Falcon’s filings with the SEC, including the 2021 Form 10-K. Additional information regarding the direct and indirect interests, by security holdings or otherwise, of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described above under “Important Information About the Proposed Transaction and Where to Find It.”
No Offer or Solicitation
This press release is for information purposes only and shall not constitute a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
MNG Airlines, Turkey's first private cargo airline, celebrates 25th anniversary!
MNG Airlines, which was established 25 years ago, aims to make Turkey stand out in the air cargo industry with its successful operations to all continents of the world. With the mini-documentary released on November 30, the anniversary of its first flight, tells the success story of a quarter-century with its employees.
MNG Airlines, which was established 25 years ago, first started to serve with scheduled cargo flights to Germany and England. Its business model is focused on providing flexible and solution-oriented services to its customer by offering scheduled and charter flights, cargo & ground handling, warehouse services as well as national/international road transportation services. MNG Airlines left behind 25 successful years as Turkey's first private air cargo company. With vision of continuous improvement, MNG Airlines determines sustainability as a priority and says GoGreen. For the 25th anniversary of its first flight in 30th November, MNG Airlines produced the mini-documentary about mysterious anniversary special livery.
"Today is a day for celebration," said Ali Sedat Özkazanç, MNG Airlines General Manager. “Aviation has meant logistics for us since we were established as Turkey's first private cargo airline. While we are growing with our New York and Toronto flights in the America continent, we are expanding our presence in the Asia region with our Uzbekistan and Kazakhistan flights. We have fleet expansion plans with the A321P2F to meet the increasing market demand for short distance as well as the opportunity for highest fuel efficiency and lower cost per tones. I thank our customers and partners for their trust and loyalty. We will fulfill our responsibility to our employees, business partners and most importantly to the world. Our success would not have been possible without our customers, who have been with us all these years. But my biggest thanks go to our dedicated employees, who make MNG Airlines quarter-century brand.
Joramco, the Amman-based maintenance, repair, and overhaul (MRO) provider and the engineering arm of Dubai Aerospace Enterprise (DAE), recently announced a new maintenance deal with MNG Airlines.
Under the agreement, Joramco will perform C checks and main landing gear and engine replacements on A300 and A330 cargo aircraft from the MNG fleet for first quarter of 2023. Commenting on the occasion, Joramco’s CEO, Fraser Currie, said, “We at Joramco are thrilled to welcome MNG Airlines to our facility and we are grateful to be entrusted with the carrier’s cargo fleet. Joramco has steadily built a stellar reputation as a world-class MRO and a high-quality service provider. We hope this new agreement will open the door for further future cooperation, as the cargo market is constantly growing, and we look forward to receiving more business endeavors from the Turkish market due to our highly competitive and attractive offers.”
Ali Sedat Özkazanç, General Manager of MNG Airlines, said, “We are delighted to make a contract with Joramco which will meet our maintenance requirements from Middle East. I am confident that the collaboration between MNG Airlines and Joramco will continue to add value to both companies. We are currently working on draft contract for next year”.
MNG Airlines Received Second A330-300 P2F aircraft following its conversion at EFW
MNG Airlines, which holds a significant share of the air cargo industry in Turkey, is looking to use its experience to expand its services and flight network. After having converted Turkey's first passenger-to-freighter (P2F) aircraft last year, MNG Airlines has completed the conversion of its second aircraft and TC-MCN is ready to take the skies again with a much higher structural and volumetric payload capacity.
MNG Airlines, which was established 25 years ago, holds a significant share of the air cargo industry in Turkey. In addition to its scheduled flight network, MNG Airlines makes a valuable contribution to the air cargo industry by offering customized services that include flight, cargo, ground handling and warehousing services. Now, MNG Airlines aims to make Turkey stand out in the air cargo market with its fleet of 9 wide body aircraft.
With vision of continuous improvement, MNG Airlines was the first Turkish company to invest in the acquisition and convertion of the A330 aircraft into freighters in December 2020. Turkey’s first converted A330-300P2F left Elbe Flugzeugwerke GmbH (EFW) facility in November, 2021 and joined the MNG Airlines’ fleet as TC-MCM. Since then, it has completed nearly 3000 flight hours and carried over 12000 tons of cargo in the last 9 months to maintain a sustainable network between China-Türkiye and Europe. The second A330-300, TC-MCN was sent to EFW for the same P2F conversion process. The passenger-to-freighter conversion took 7 months from February to September 2022. TC-MCN is already scheduled to begin commercial operations in mid September.
Airline will complement the fleet with A321P2F aircraft
Ali Sedat Özkazanç, General Manager of MNG Airlines, said, “I am delighted to receive our second A330-300 aircraft from EFW’s facilities. As MNG Airlines, we are increasing our cargo capacity with a focus on customer satisfaction and flight safety. The fact that we are the first company in Turkey to invest in the conversion project makes us proud and motivates us to reach higher goals and work even harder. With TC-MCN we will serve a wide range of customers and routes, both scheduled and charter. I am confident that the collaboration between MNG Airlines and EFW will continue to add value to both companies. We are currently developing transformation plans for 2024 and beyond. These include expanding our flight network and increasing cargo capacity with two additional A330-300P2Fs for which we have already secured slots with EFW. Market demand and trends for short distance as well as the opportunity for highest fuel efficiency and lower cost per tones have led us to the decision to complement our fleet with A321P2F in 2023 and 2024."
MNG Airlines became the silver sponsor of the most comprehensive event organized by the International Civil Aviation Organization (ICAO). Global Implementation Support Symposium, which brings together the global aviation industry and took place with the participation of 140 countries, stated in Istanbul, hosted by Turkey. All stakeholders of the aviation industry came together at the Global Application Support Symposium (GISS), which was organized as a combination of 3 different events held in previous years. The International Civil Aviation Organization (ICAO), which was established by the United Nations to support governments in international air transportation, held its first major organization in Istanbul after the Covid-19 pandemic. Having organized 3 different events under the name of the World Aviation Forum (IWAF), the Global Aviation Cooperation Symposium (GACS) and the Global Aviation Education Symposium in the past years, ICAO brought together all its business partners in the aviation industry at once by combining the events this year. ICAO GISS 2022 brought together aviation authorities, national and international aviation organizations, air navigation service providers, academic institutions and civil aviation authorities of member countries in Istanbul. Ali Sedat Özkazanç, General Manager of MNG Airlines, the silver sponsor of ICAO GISS; ‘We value ICAO organizations powerfully because they bring us together with aviation authorities of ICAO and industry stakeholders. The fact that the first face-to-face event after a long time was in Istanbul encouraged us to be a sponsor and exchanged trends and best practices about aviation, education and digitalization. In order to underline our solution-oriented approach, we prepared our stand with the slogan which we refer to the metaverse universe. We are assertive about our competencies all over the world which we see as our metaverse. With 25 years of industry experience, we increase our carrying capacity and service quality from year after year.’Read more Close
MNG Airlines which holds a significant share of the air cargo sector in Turkey, has just signed with NAVBLUE to implement N-Flight Planning (N-FP) on its all-Airbus fleet of 9 aircraft. MNG Airlines will benefit from a more compliant Flight Planning solution, including ETOPS (extended Range Twin Operations approval), management-by-exception solution, event-driven automation and added flexibility in terms of integrations. NAVBLUE’s N-FP responds perfectly to cargo airlines needs thanks to the ETOPS and Escape Routes functionality and is flexible in terms of integration. MNG Airlines is based in Istanbul Airport, Turkey, and operates scheduled and charter services within the Middle East, Far East, Africa, United States, and European destinations. In addition to its scheduled flight network, MNG Airlines makes a valuable difference in air cargo industry by offering tailor-made services which include flight, cargo & ground handling, and also warehouse services. N-FP’s management-by-exception & automation will enable MNG Airlines flight plan computation to be more lean and efficient in any selected city pair. Now, MNG Airlines aims to highlight Turkey in the air cargo market and expand its service and flight network with its experience.Read more Close
MNG Airlines continues to touch hearts with the contribution of its employees. The only private Turkish air cargo company attaches great importance to social responsibility projects with its nearly 1000 employees. Lastly, MNG Airlines hosted Hope Cafe as a fundraising event for The Hope Foundation for Children with Cancer (KAÇUV).
The Hope Foundation for Children with Cancer (KAÇUV), which was established in 2000 to ensure the continuity of the treatment of children who are at risk of delaying their treatment due to financial problems, started the Hope Cafe project to provide additional income to the families of children receiving cancer treatment. Hope Cafe, which was launched in 2017, offers employment opportunities to families who come from outside the city and have economic difficulties for the treatment of children with cancer. In Hope Cafe, which draws its route with voluntary stops in Istanbul in a transit vehicle, handmade products made by mothers and hot and cold drinks are served.
MNG Airlines hosted Hope Cafe in the parking area of its Head Office on Thursday, May 12. Employees who bought the delicious products of Hope Cafe and drank their coffee also gave hope to a child who has cancer. Hope Cafe, which supports the family budget by selling the snacks prepared by the mothers, won the appreciation of the employees with its service and sincerity. Ali Sedat Özkazanc, General Manager of MNG Airlines; “As MNG Airlines, we are a team with a very strong sense of solidarity. Having Hope Kafe with us today was an event that brought our team together while creating resources for KAÇUV. We will continue our cooperation with KAÇUV to ensure the sustainability of the treatment and offer an optimal environment for treatment. We want to host Hope Cafe in our facility at Istanbul Airport as soon as possible and increase our donations" he said.
MNG Airlines, which holds a significant share of the air cargo sector in Turkey, accelerated its fleet modernization efforts last year. They invested in acquiring and converting two A330-300 aircraft in order to increase loading capacity and reduce the company’s carbon footprint. Last year, MNG Airlines added Turkey's first passenger to freighter (P2F) aircraft, A330-300P2F, to its fleet. In February, the second A330-300 aircraft was positioned to Germany for conversion.
MNG Airlines, which was established 25 years ago, holds a significant share of the air cargo industry in Turkey with its fleet of 9 wide body aircraft. In addition to its scheduled flight network, MNG Airlines makes a valuable difference in air cargo industry by offering tailor made services which include flight, cargo & ground handling and also warehouse services. To meet the demands of different customers they believes in continuous improvement. Now, MNG Airlines aims to highlight Turkey in the air cargo market and expand its service and flight network with its experience.
MNG Airlines was the first Turkish company to invest in acquisition and convertion of the A330 aircraft into freighter in 2020 December. With its 61 tons of payload capacity, A330-300P2F aircraft has higher structural and volumetric capacity than their older generation aircraft and A330s are known to have reduced carbon footprint. Turkey’s first converted A330-300P2F departed from Elbe Flugzeugwerke GmbH (EFW) Dresden facility on November 17th, 2021 after seven month of conversion and joined the MNG Airlines’ fleet as TC-MCM. Since then, it has made numerous flights and carried tons of cargo efficiently. The second A330-300, TC-MCN, aircraft was sent off to Dresden, Germany for another conversion starting in February 2022.
The conversion process consists of five main phases. Passenger cabin is stripped off completely, fuselage and floor structure are reinforced, passenger doors and windows are plugged, a new wide cargo door is installed and all remaining systems are adapted to this new configuration. At the end, comprehensive tests of all systems are carried out. Sedat Özkazanç, General Manager of MNG Airlines, said, “I am delighted to send our second A330-300 aircraft to Dresden, Germany for conversion. As MNG Airlines, we increase our loading capacity on a "kg" basis every year with a focus on customer satisfaction and flight safety. I am proud on behalf of our country to be the first company in Turkey to invest in conversion project which will reduce our carbon footprint. I believe this number will increase every year with the expansion of our flight network and new aircraft joining our fleet. We are working on transformation plans for 2024 and beyond with our expanding flight network and growing cargo capacity.
MNG Airlines, which was established 25 years ago, holds a significant share of the air cargo market in Turkey with its net capacity of 465 tons. MNG Airlines, which expanded its previous flight network in 2021, grew its fleet and carried 20% more cargo than the previous year, will invest in digital transformation in 2022.
MNG Airlines, which was established in 1996 with 100% Turkish capital, first started to serve with scheduled cargo flights to Germany and England with the medium-range Airbus A300. Today MNG Airlines continues its operations with a fleet of four Airbus A300-600Fs, one A330-200F and two A330-300 aircraft, which it recently added to its fleet, MNG Airlines holds a significant share of the air cargo market in Turkey with its net capacity of 465 tons. In addition to its scheduled flights, it continues to grow with charter flights that offer customers the type of aircraft and capacity they desire.
Stating that they consider every request as a project with their solution-oriented approach and present project-specific solutions, MNG Airlines General Manager Sedat Özkazanç said; “As MNG Airlines, we increase our carrying capacity on a “kg” basis every year. In 2021, we transported approximately 240,000 tons of cargo and reached 22 thousand flight hours. I believe this number will increase every year with the expansion of our flight network and new aircrafts joining our fleet. If we compare with 2020, we see that we carry about 20% more cargo. This motivates us to make our achievements sustainable. With 25 years of industry experience, our team working in harmony and the growth momentum we have achieved, we are always working to take our country and the industry forward.”
Our services make the difference
Continuing its operations with its flexible and solution-oriented services during the pandemic period, MNG Airlines; By adding wide-bodied aircraft to its fleet, it aims to highlight Turkey in the air cargo market and expand its service network and diversity with its experience. Özkazanç shared that with their 25 years of experience, they have also moved our country forward in the air cargo sector; “The year 2021 has been a successful year in which we increased our fleet, expanded our flight network and grew as a team. We make a difference in solution partnership by offering warehousing services thanks to our experienced team and special cargo expertise such as valuable goods, dangerous goods, livestock transportation and pharma logistics. In order to make these achievements sustainable, we will prioritize digital transformation in 2022. With this transformation, we will determine the way we work in the future, digitalize and invest in innovation in all operational processes.”
In a pandemic outbreak, simple goods such as face masks, protective gear, gloves and disinfectant quickly become scarce commodities. MNG Airlines is proud to play their part to help during the pandemic by carrying medical equipment. MNG Airlines is announced their medical cargo air transportation project from China to United Kingdom to carry Covid-19 test kits. First flight was completed successfully by A330-300P2F aircraft registrated TC-MCN with cabin and also lower deck loading. Turkey-based MNG Airlines operated a A330-300 P2F which offers better payload, range and economics with less emission than previous-generation freighters in its class. The journey has started Kunming Airport (KMG), China to Doncaster Sheffield Airport (DSA), United Kingdom.Read more Close
MNG Airlines has launched a three times a week freighter service between Germany’s Cologne Bonn airport and New York’s JFK hub.
Turkey-based MNG Airlines operated a recently converted Airbus A330-300 freighter for the inaugural JFK flight. The JFK service expands MNG Airlines’s freighter schedule at Cologne Bonn, a six times a week service to Istanbul.
By adding the A330-300 P2F, which can carry up to 61 tons, MNG Airlines now operates nine freighter aircraft, with a second A330-300 P2F joining the fleet in August 2022.
Sedat Ozkazanc, Managing Director of MNG Airlines, said: “We are thrilled to reinforce our flight programme in Europe and extend it to New York JFK. We have high expectations about the future of MNG Airlines with this new A330-300 P2F.”
Johan Vanneste, president and chief executive of Cologne Bonn Airports said: “We are delighted that our long-time cargo airline partner MNG Airlines is significantly growing its presence at CGN. Especially, German and BeNeLux-exporters will benefit from the new JFK-flights.”
The A330-300P2F which will be Turkısh Rebublic’s first into converting A330 passenger to freighter aircraft took off from Dresden, Germany on 17th November. In April, MNG Airlines has been first Turkish customer who invested into converting A330 passenger airplane to freighter. After 7 months of conversion at Elbe Flugzeugwerke GmbH (EFW), the A330-300P2F as its called TC-MCM has joined MNG Airlines fleet. It will offer better payload, range and economics with less emission than previous-generation freighters in its class. MNG Airlines is going to operate the TC-MCM to support increasing demand for e-commerce and the Christmas season.
Rolls-Royce has signed a TotalCare® agreement with MNG Airlines for the Trent 700 engines that power its two additional Airbus A330-300 P2F freighter aircraft.
Istanbul-based MNG Airlines already operates one A330-200F, which is also powered by the Trent 700 and has TotalCare service support. The Trent 700 has established itself as the engine of choice for the A330, with more than 60% market share for combined passenger and freighter aircraft. Our TotalCare service not only provides world-class support to our passenger airlines customers but also to our air cargo carriers. TotalCare offers more than just an engine maintenance plan; it is a service concept based upon predictability and reliability.
This agreement will give İstanbul-based MNG Airlines a secured cost of operating and maintaining their Trent 700 engines through a dollar-per-flying-hour payment mechanism. It will support fleet efficiency, creating better economics for MNG Airlines’ customers. It will also deliver enhanced aircraft availability thanks to our in-depth engine knowledge that draws on our advanced engine health monitoring and on more than 60 million flying hours the Trent 700 has accumulated in service.
The Trent 700 delivers the highest thrust on the A330 freighter – which translates into extra payload compared to other engine choices. As well as emitting less CO2 and being the most economical engine to operate on the A330, the Trent 700 is also the most reliable option, with 99.9% dispatch reliability.
John Kelly, Rolls-Royce, Senior Vice President Customers, said: “We look forward to continuing to support MNG Airlines with our TotalCare services as it adds to its A330 fleet. The Trent 700 has proven itself as the market choice for the A330 and our services will help MNG Airlines maximise all of its benefits.”
Ali Sedat Ozkazanc, Managing Director, MNG Airlines said: “With a growing fleet, we are continuing to keep our customers delighted and confirm our leading position in our country and industry. We need to maintain our A330 freighter fleet at the highest operational reliability level and keep our maintenance cost at minimum. Our TotalCare agreement allows us to do just that, drawing on many years of Rolls-Royce expertise with this engine. We would like to thank Rolls-Royce for this TotalCare opportunity”
Cappadocia University held an online panel where three important names of the aviation industry were discussed. THY General Manager Bilal Ekşi, Pegasus Airlines General Manager Mehmet Nane and MNG Airlines General Manager Sedat Özkazanç attended the panel which moderated by Haydar Yalçın, former SHGM Deputy General Manager.
Noting that air cargo transportation performed well during the pandemic period and that they played an important role in the transportation of healthcare supplies from many points of the world, MNG Airlines General Manager Sedat Özkazanç said that the statements that cargo transportation will end with the increase in the under-flight capacity of aircraft before the pandemic is a wrong thought, it appeared with what happened in this period. Özkazanç said, “No matter how much cargo you can carry under the plane, there is a mechanism that gives priority to the cargo.”Referring to the increase in cargo prices during the pandemic period, Özkazanç stated that cargo prices increased because of the operation costs.
Turkish cargo operator MNG Airlines has ordered two Airbus A330-300 freighter conversions from EFW, the joint venture between ST Engineering and Airbus.
The first A330 passenger aircraft was inducted for conversion today, while work on the second aircraft will commence in 2022. Conversion work will be carried out at EFW’s facility in Dresden, Germany.
With these two A330-300P2F conversion freighters, MNG Airlines will add further capacity to its network, complementing its current Airbus aircraft fleet of four converted A300-600RF and one factory-produced A330-200F.
The A330-300P2F provides about 23% more volume than its closest competitor, the B767-300ER. Depending on the weight variants, the converted A300-300 P2F can offer a gross payload of up to 63 tonnes per flight and a range capability of up to 3,600 nm.
“We are excited to welcome MNG Airlines as a new A330P2F programme customer,” said Andreas Sperl, chief executive of EFW, adding: “We look forward to a good working relationship with MNG Airlines and to supporting them strongly to meet the growing international and regional air freight demand.”
MNG Airlines managing director Sedat Ozkazanc said: “MNG Airlines believes that the A330-300P2F, with its higher volumetric capacity, will provide new commercial options for short and medium range routes to the integrators.
“Together with our A330-200F factory-produced freighter, the A330-300P2F will grow our fleet of efficient medium-sized freighters to create better economics for MNG Airlines’ customers.”
MNG Airlines started its activities in 1996, serving customers in Europe, Middle East and Africa. Depending on customers’ needs, MNG Airlines is able to carry both express and general Cargo.
The Turkish carrier MNG Airlines has renewed with CHAMP Cargosystems for its cargo community service, Traxon cargoHUB. As a long-term Traxon cargoHUB customer of 12 years, CHAMP has aided the carrier with its digitalization efforts, expanded its eAWB penetration, and winning new business.
Traxon cargoHUB is a platform featuring one of the largest air cargo communities, with electronic access to over 100 airlines and 3,000 forwarders, operating from 9,000 branches worldwide. CHAMP has fostered relationships with airlines and forwarders across Turkey, supporting the growing air cargo supply chain to digitalize from end-to-end.
“MNG Airlines has been pleased with the breadth of Traxon cargoHUB,” says Serkan Eren, Ground Operations Director at MNG Airlines. “CHAMP’s technologies are not only a vital part of our data exchanges – but also bring stability and consistency to our processes. We are pleased to renew.”
“We are pleased to continue supporting the digitalization strategy of MNG Airlines,” says Laurent Jossa, head of sales - distribution services at CHAMP Cargosystems. “CHAMP maintains close ties to MNG Airlines in its cargo operation and continues to expand its business wherever possible.”br />
MNG Airlines also uses CHAMP’s Traxon Global Customs (TGC) and Traxon Global Security (TGS) for meeting global regulatory compliance requirements.
The delegation headed by Deputy Minister of Transport of the Republic of Kyrgyzstan Mr. Zhenishbek A.NOGOIBAEV and Director General of Civil Aviation Bakyt DZHUNUSHALIEV by visited our company on 19 October 2018. It is agreed to have more cooperation between parties in connection with Cargo transportations on the meeting.Read more Close
MNG Airlines has transported the cargo for the concerts of SHAKIRA, an internationally renowned superstar who holds 12 Grammy awards by A300-600F aircraft on 12 July 2018 after her concert in İstanbul flawlessly with contolled operations on the IST-BEY route.Read more Close
Under the chairmanship of Mr. Sadıq SILLA, Deputy Minister of Transport, the commitee of Mr. Abu Bakarr KAMARA, Sierra Leone’s Director General of Civil Aviation and Mr. Idris N. FOFANA, Sierra Leone’s General Director of Airports Authority visited MNG Airlines on 9 July 2018.
Steps to be taken about Aviation, Cargo Transportation and colloboration were discussed on the meetings.
MNG Airlines received “Operational Excellence A300-600 Mixed Airbus Fleet” award from Airbus. This award was presented to Mr Giray Gucel, Technical Planning Manager of MNG Airlines in Montreal - Canada where Airbus A300 / A310 Family Symposium was taken place last week. This is the sixth award that the company has received from Airbus since the beginning of its Airbus A300 family operations.Read more Close
Frankfurt, 6 February 2018 - The Turkish carrier MNG Airlines Cargo has partnered with CHAMP Cargosystems to use the IT provider’s newly developed security compliance service, Traxon Global Security (TGS) for meeting the ACAS requirements. With ACAS currently piloting in the US, TGS will enable MNG to comply with its recently mandated filing requirements for air cargo transported from Turkey to/via the USA.
TGS is a brand new service and platform that operates in a similar way to CHAMP’s highly successful and comprehensive Traxon Global Customs (TGC) service for pre-arrival filing for customs ACI schemes, currently supporting more than 50 countries worldwide. TGS is specifically designed to support multiple Pre-Loading Advance Cargo Information (PLACI) schemes from the same platform delivering a consistent and complete solution for security compliance.
“The heightened security measures recently introduced by the US has meant that we needed to act fast to ensure we were compliant with these new pre-load reporting demands,” said Serkan EREN, Ground Operations Director of MNG Airlines. “CHAMP was ready with the TGS solution to help our compliance with ACAS go as smoothly as possible. We are very satisfied with TGS and CHAMP’s responsive service in support of this critical task.”
“We are delighted to support MNG Airlines with their pivotal data filing via ACAS to comply with the US legislation,” says Laurent Jossa, Head of Sales - Distribution Services at CHAMP Cargosystems. “This is a landmark agreement for CHAMP, as MNG Airlines is our launch customer for the all new Traxon Global Security service. Safety and security are the most important demands for traders in the air logistics supply chain. Our aim is to ensure that MNG, and indeed, future TGS customers are completely satisfied with the service we can bring to support continually compliant operations into the US and beyond.”
MNG Airlines also uses CHAMP’s Traxon Global Customs solution which enables Advance Electronic Customs reporting for more than 50 countries. CHAMP’s positive track record in customs compliance solutions helped make their new TGS offering the logical solution of choice for the US security compliance program.