THE China-owned buyer of Allco Finance Group's $3 billion worth of aviation assets says that the acquisition is its first step in a bid to become an international player in the sector.
Hong Kong Aviation Company, a consortium led by Bravia Capital Partners and China-based HNA Group, finalised the acquisition of Allco's aircraft leasing business earlier this month, eight months after a deal was signed.
The value of the deal remains undisclosed, but HKAC said the assets, made up of 68 aircraft leased to customers including Qantas and Singapore Airlines, were worth nearly $3 billion.
HKAC said yesterday that Allco's aviation management team would be integrated into the company's operations and more people would be hired as HKAC expanded.
''This is only our first step for our operation,'' HKAC chairman Adam Tan said.
''We have full confidence for this company, the Hong Kong Aviation Company, to become a worldwide name and a worldwide business.''
Two of the Allco aircraft remain subject to legal action between the Allco receivers and Geoffrey Kinghorn, the son of the founder of Allco Finance.
AAP
