THE Ministry of Finance (MoF), through its investment vehicle, will soon acquire the management rights and equity interests of of investment company Imprimis Strategic Investment Corporation (NBD) Sdn Bhd (ISIC) and Florida-based aviation manufacturer Piper Aircraft under a transfer expected to be completed in the "near future".
A statement from the MoF yesterday said Imprimis Group (Imprimis), which manages the investment company, has agreed to transfer the rights and interests of ISIC, which owns Piper Aircraft Inc (USA) and Piper Capital (NBD) Sdn Bhd, to the ministry's investment agency.
"ISIC was set up to invest in companies that can contribute to the long-term diversification of the Brunei economy," the statement read.
In relation to the transfer, Imprimis Managing Partner Stephen Berger has resigned as chairman of Piper Aircraft, while Imprimis Director Joseph Gotuaco has resigned as director of Piper Capital.
"We have greatly enjoyed our work with the Brunei Ministry of Finance and Piper and wish both parties every success in future," Berger was quoted as saying.
Imprimis, which has offices in Bangkok, Singapore and Brunei, bought Piper in 2009 from a private equity firm and global asset manager, American Capital. The aviation company's range of products included single-engine and twin-engine trainer, personal and business aircraft.
Imprimis said in a statement issued then that it intended to invest significant capital in Piper's operations to strengthen its position in its traditional markets and support the development of key new products, such as the PiperJet.
The group was reportedly drawn to Piper because of the significant potential for it expand its activities into new markets in Asia Pacific, which was expected to experience steady growth for two- to six-seat aircraft, in part due to shifting demographics and increasing demand for pilot training from training schools and flying clubs (commercial and private).
A pilot academy was also scheduled to be opened by Piper this year, that would serve to train pilots from around the region.
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