Absa in first aviation financing deal
JOHANNESBURG, (CAJ News) – ABSA Bank, in its first deal in the aviation industry, has granted asset finance to Starlite Aviation Group for the acquisition of six new helicopters.
These will be used in the training of pilots at the company’s International Aviation Training Academy.
Roanleigh Thambiran, Head of Absa Commercial Asset Finance in KwaZulu-Natal, said this was a ground breaking aviation ‘floor-plan’ financing facility.
“With this funding, the company was able to acquire six new helicopters for their aviation training school. This transaction has opened further discussion to provide additional funding for five Cabri helicopters,” Thanbiran said.
Alan Foley, Starlite Aviation Group’s Chief Financial Officer said with their global operations, maintenance centres and a world renowned training academy in South Africa, they were able to solidify their leadership in the industry with the assistance and partnership from Absa.
“This has enabled us to acquire much-needed assets for the business. Our training academy, already having flown over 100 000 hours of instruction, will benefit substantially, and enable the school to fly more than the current 7 000 hours per annum,” said Foley.
The privately-owned Starlite Aviation Group provides a range of aviation services worldwide through its head office in Dublin, Ireland, with logistical operations managed from Virginia Airport, KwaZulu-Natal.
– CAJ News
Short URL: http://cajnewsafrica.com/?p=9871