Turkish Airlines has spun off its low-cost carrier division AnadoluJet into a new wholly-owned subsidiary, AJet Air Transport Joint Stock Company.
The airline said in a stock market disclosure that the new company was incorporated on July 14, 2023, with an initial paid-up capital of TRY450 mln Turkish liras ($17.2 mln), and will continue operating as an LCC.
The step is a part of the ongoing process of spinning AnadoluJet off into a stand-alone carrier. Until now, the LCC division was a part of Turkish Airlines' corporate structure. It still has no own AOC, although plans are afoot to obtain it.
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