Chinese investment company Financial Telecom (Fintel) has
finalised an agreement through its US
arm to acquire small Panama-based lessor MK Aviation.
Fintel is acquiring 75% of the stock of MK Aviation through
a new share issue of its own but says MK’s chairman, Mory Kraselnick, will retain
more than 50% of the voting stock in the new company and be chairman.
It previously indicated that the new entity would be called
MKA Capital – although a statement issued today does not mention that.
Other members of the management team comprise: Fintel CEO
David Chen; MK Aviation VP operations Israel Khoshen; and MK Aviation VP
marketing Ariel Kraselnick.
MK Aviation focuses on the Latin American market and owned
the West Caribbean Airways Boeing MD-82 lost in August in a fatal accident in Venezuela
that is still under investigation.
Fintel says: “The consolidated entity will have two primary
focuses – portfolio investments in Chinese private sector, and the leasing and
sales of aircraft and engines. It plans to expand the existing aircraft leasing
and financing operations into Asia, particularly China,
where growth continues to be very high.”
Fintel CEO David Chen adds: “We are targeting initially to
acquire aircraft from Chinese airlines as they modernise their fleet and lease
them to the international markets. Meanwhile we will continue with our
portfolio investment in the Chinese private sector but with a stronger focus on
cashflow and upside potential.”