Thursday, September 12, 2013

Jet Asia sells two more planes

Private aviation operator Jet Asia Ltd is selling two more airplanes, as the company cuts down on its fleet because it does not get enough charters.

SJM Holdings Ltd said in a filing that one of its subsidiaries is paying Credit Suisse AG US$9.9 million (79.1 million patacas) to exercise an early buy option in order to place Jet Asia in a position to sell the two airplanes.

Jet Asia is owned by Stanley Ho Hung Sun’s Sociedade de Turismo e Diversões de Macau (STDM) SA, one of the controlling shareholders of SJM.

Jet Asia has recently agreed to sell four airplanes to “an independent party,” the company had told the Hong Kong Stock Exchange last month.

The sale of two of these four airplanes was completed in August and the other two are now being negotiated.

The company is selling these four Hawker mid-sized jets to a United States company, a source told Business Daily in July. Jet Asia is seeking to sell a total of six airplanes.