Established in 2004, the company changed ownership in March 2006 when Turkish aviation veterans Yavuz Cizmeci and Cankut Bagana teamed up with HBK Investments to acquire the company. In February 2008, a 21 percent equity stake was acquired by Manara Investments Ltd. Manara is a newly established investment vehicle sponsored by four leading Saudi business groups. New partners and existing shareholders expect ACT Airlines to become a leading regional and international player. ACT received the prestigious SCATA Supply Chain and Transport Award for ‘The Air Cargo Operator of the Year’ in recognition of its exceptional customer service in 2007. The airlines also applied for IATA certification after completing the IATA Operational Safety Audit in 2007.