Acquisition #3 – Boustead buys 51% of MHS Aviation

Acquisition #3 – Boustead buys 51% of MHS Aviation

28-Mar-2011 Source: HeliHub.com

Boustead Holdings Bhd will buy a 51% stake in helicopter and aircraft charter services provider MHS Aviation Bhd for RM100mil in an effort to strengthen its involvement in the oil and gas industry.

In Kuala Lumpur today, a filing on the “Bursa Malaysia” stock market stated that Boustead will buy 10.2mil shares of MHS Aviation as it entered into a conditional sale and purchase agreement with DRIR Equities Sdn Bhd and Tulus Sejagat Sdn Bhd.  This follows an announcement in December announcing the intention to progress in this way,  Oil company Petronas Carigali awarded a contract last August to MHS on to provide EC225 helicopters, equipment and services for ten years with an option for another five years commencing April 1 – Friday of this week.

“The board believes that this contract, which amounts to RM3.1bil, will further ensure the continued revenue from air charter business and utilisation of the aircraft for the benefit of Boustead group,” said the company.  Further details are not yet available on the structure of the deal, although the December announcement included reference to a “special-purpose vehicle” that would purchase all the helicopters and other aircraft owned by MHS, which includes a few fixed wing.  It was also proposed to appoint MHS directors Ma’som Mahadi and Mohsein Ma’som as MHS managers for a proposed period of five years

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