Li Ka-shing eyes jet purchase deal worth US$2.5b
Print Edition
A property flagship led by Asia’s richest tycoon Li Ka-shing yesterday said it plans to buy up to 60 passenger jets in a series of transactions that amount to more than US$2.5 billion.
Li made his first major foray into the aviation industry in August by announcing plans to buy into Irish aircraft leasing group AWAS, and the new purchases expand his investments into a field that can yield stable and long-term cash flow, analysts have said.
A filing written by Cheung Kong Holdings to Hong Kong’s stock exchange late on Tuesday said the plan was to buy the Boeing and Airbus aircraft from GE Capital Aviation Services Ltd, BOC Aviation Pte, Jackson Square Aviation and MC Aviation Partners Inc.
Cheung Kong confirmed yesterday that the total number of aircraft to be bought was around 60.
The deals are worth a total of over US$2.52 billion, Dow Jones Newswire reported.
Li is reaching out to the sector as premium airlines cut costs amid fierce competition from a growing number of budget carriers in Asia.
Last year, China lifted a six-year ban on creating private airlines, helping fuel demand for aircraft.
The deals also include acquisitions worth US$800 million made through a joint venture formed with a subsidiary of Japan’s Mitsubishi Corp, according to Dow Jones.
Li commands a vast empire through Cheung Kong Holdings and conglomerate Hutchison Whampoa, with global assets in property, telecoms, utilities, ports and retail.
In August, the property flagship announced plans to purchase Dublin-based AWAS in a US$5 billion deal involving 100 aircraft.
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