(19 October 2016, Hong Kong) NWS Holdings Limited (“NWS Holdings” or the “Group”; Hong Kong stock code: 659) today announced that the Group and Chow Tai Fook Enterprises Limited (“CTFE”), through their respective subsidiaries, signed an agreement to each acquire an additional 10% equity interest in and shareholder loans of Goshawk Aviation Limited (“Goshawk”) from Investec Bank plc (“Investec”) and GAL Partnership L.P. for a consideration of approximately US$88.4 million (equivalent to approximately HK$689.5 million).
In a related arrangement, NWS Holdings and CTFE, through their respective subsidiaries, reached an agreement with Investec to each acquire an additional 10% equity interest in Goshawk Management Holdings (Cayman) Limited (“Manco”) for a consideration of US$13.0 million (equivalent to HK$101.4 million). Manco is principally engaged in the provision of investment and asset management and advisory services to Goshawk for its aircraft portfolio.
Upon completion of the above transactions, Goshawk and Manco will both become 50/50 joint ventures between NWS Holdings and CTFE.
NWS Holdings acquired 40% stake in Goshawk in February 2015 with a portfolio of 27 aircraft. Goshawk has since grown its fleet to 86 owned and committed aircraft with over US$4 billion of total assets under management to date.
Tsang Yam Pui, Chief Executive Officer of NWS Holdings, said, “The Group is confident in the long-term prospects of the commercial aircraft leasing industry, which has been growing as a result of increasing globalization and rising demand for air travel. In light of this, and that the aircraft leasing business generates strong recurring cash flow and stable income for the Group, we believe that we will benefit from our increased investment in commercial aircraft leasing through Goshawk, which is in line with the Group’s business development strategy to expand our Aviation segment.”
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NWS Holdings Limited (“NWS Holdings”, Hong Kong stock code: 659), the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17), operates businesses in Hong Kong, Mainland China and Macau. Its Infrastructure portfolio includes Roads, Environment, Logistics and Aviation projects. Its Services portfolio comprises Facilities Management (the management of Hong Kong Convention and Exhibition Centre and Free Duty), Construction & Transport (construction, bus and ferry services) and Strategic Investments.
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