Macdonald Holdings sells Velvet Sky stake

Macdonald Holdings, the majority stakeholder in Velvet Sky, is selling its share of the recently launched airline to Excalibur Aerospace.

According to media reports, this is to “properly allocate its highly skilled human capital to global expansion projects”.

Cecil Reddy, chairman of Macdonald Holdings, was quoted saying that the company would be selling its stake in the airline to Excalibur Aerospace, who would continue to grow the business through its “service-oriented approach, expansion plans into African and commitment to providing affordable air travel to South African commuters”.

Excalibur is now planning to introduce three additional aircraft to the Velvet Sky fleet within the next 12 months.

Refer to TNW July 13 for more details.