Paraguayan airline Paranair has been sold to foreign investors, with Canada-based International Airways Holding acquiring a 95% stake and a Bolivian business group taking the remaining 5%, General Manager Jaime Cassola confirmed.

The transaction was completed in February, though financial details were not disclosed. Cassola said Paranair will continue operating under its current local management team while coordinating with the new shareholders.

Paraguay’s civil aviation authority (Dinac) has begun a technical and financial review of the new owners, a required step before determining whether a new operating certificate will be issued. Dinac said it expects to complete the review within 15 days.

The airline said the new ownership structure is intended to support Paranair’s long-term growth and strengthen regional connectivity.