Media Coverage
FOR IMMEDIATE RELEASE
Hong Kong Aviation Announces Australian Government Clearance for HNA Group's Acquisition of the Aviation Assets of Allco Finance Group
Hong Kong, September 22, 2009 – Hong Kong Aviation Capital ("HKAC"), an entity with plans to become a leading investor in global aviation finance, announced that the Australian government's Foreign Investment Review Board, in a letter dated September 2, 2009, has approved HNA Group's purchase of Allco Finance Group's aviation assets ("Allco Aviation"). HKAC originally signed the agreement to purchase the Allco Aviation in May 2009. HKAC also confirmed today that it has concluded the specific terms of Agricultural Bank of China’s support for the Allco Aviation acquisition.
"With this approval from Australia's Foreign Investment Review Board, an important condition to closing has been satisfied," said Stewart Smith, Chairman of Hong Kong Aviation Capital. "We appreciate the vote of confidence from the Australian government for this investment as well as previous approval from China's State Development and Reform Commission. Additionally, the financing commitment from Agricultural Bank of China is further proof of the confidence in our business and our ability to assume management of Allco Aviation’s assets. We intend to close this transaction in short order, which will take us one step further toward meeting our goal of becoming a dominant player in aviation finance and deploying significant capital in the sector globally."
The Agricultural Bank of China provided the following statement: "We are pleased to be supporting Hong Kong Aviation Capital's acquisition of Allco Aviation. HNA Group and Bravia Capital have talented teams with a wealth of experience in managing, leasing and financing aircraft and the management team already in place at Allco Aviation is held in high regard. We are confident that our financial commitment will be put to prudent use and look forward to working with Hong Kong Aviation Capital in the future." HKAC expects to complete the transaction in the coming weeks.
About Hong Kong Aviation Capital
Hong Kong Aviation Capital ("HKAC") is a diversified player in the aviation industry. The firm invests in aircraft leases and financial instruments, and also provides aircraft management and consulting services. HKAC's mission is to prudently invest in the global aviation sector for consistent and long-term returns, creating value for its investors and clients alike. HKAC has a highly capable team with skills and experience in both the financial industry and the management of aircraft assets. The company's Web site can be found at www.hkaviation.com.
Media contact: Media@hkaviation.com
