(8 March 2016, Hong Kong) NWS Holdings Limited (“NWS Holdings” or the “Group”; Hong Kong stock code: 659) today announced that it has formed a joint venture, Bauhinia Aviation Capital Limited (“BACL”), with Chow Tai Fook Enterprises Limited (“CTFE”) and Aviation Capital Group Corp., (“ACG”) to engage in the business of purchasing, leasing and selling of commercial aircraft. NWS Holdings and CTFE hold 40% indirect interest in BACL respectively, and ACG holds the remaining 20% equity interest.
With an initial capital commitment of US$600 million (equivalent to approximately HK$4,680 million), BACL plans to build a portfolio of approximately 50 commercial aircraft by targeting young and modern narrow body aircraft. NWS Holdings’ capital commitment towards BACL is US$240 million (equivalent to approximately HK$1,872 million) in proportion to its 40% indirect interest. The BACL platform will further strengthen NWS Holdings’ portfolio investment in the aviation segment and bring steady cash flow and income to the Group.
Tsang Yam Pui, Chief Executive Officer of NWS Holdings, said, “NWS Holdings is confident in the prospects of commercial aircraft leasing business in light of increasing globalization and demand for air transportation. Riding on the strong industry experience and network of our US partner ACG and the financial strength of CTFE, we believe that we can capture a larger market share in this industry.”
ACG is one of the world’s premier full service aircraft asset managers with approximately 390 owned, managed and committed aircraft, which are leased to approximately 100 airlines in over 45 countries.
- END -
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.
Chow Tai Fook Enterprises Limited (“CTFE”) is a private Hong Kong-based holding company owned and controlled by Dato’ Dr. Cheng Yu Tung and family. CTFE is the parent company of New World Development Company Limited (Hong Kong stock code: 17), a listed blue chip conglomerate in Hong Kong. The principal activities of the CTFE group of companies include investment holdings, property development and investment, hospitality services, infrastructure, department stores, jewelries and other consumer and retail businesses.
Aviation Capital Group Corp. (“ACG”) is one of the world’s premier full service aircraft asset managers with approximately 390 owned, managed and committed aircraft, which are leased to approximately 100 airlines in over 45 countries. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company.
For further information, please contact:
For Media
