Turkish Airlines establishes new company

Turkey's national flag carrier established a new investment and carriage company, Turkish Airlines (THY) announced on Wednesday.

"The incorporation has decided to establish, 'THY Uluslararası Yatırım ve Taşımacılık AŞ' in order to invest at abroad and domestically, principally in the fields of cargo and courier transportation and in the fields that is specified in the Articles of Association of the Company," the airline said in a statement.

THY issued the statement on Turkey's Public Disclosure Platform (KAP).

The newly established company is wholly-owned by the incorporation of Turkish Airlines with the cash capital of 10 million Turkish liras ($1.63 million), according to the statement.