Singapore-based lessor Avation has put itself up for sale and is in preliminary discussions with one interested party.

“The board of Avation announces today that it is undertaking a comprehensive review of the strategic options open to it in order to maximise value for shareholders,” the company says in a stock exchange disclosure.

“These options include merger and acquisition activity, an aircraft portfolio sale or review etc., as well as a potential sale of the company through the commencement of a ‘formal sale process’.”

The announcement marks the start of an offer period, and other interested parties should contact Wells Fargo Securities, the appointed financial advisor.

The company states that any discussions with third parties may be conducted within the context of a formal sale process, which exempts them from a 28-day deadline and from being publicly identified.

It did not say when the offer period ends.

The company’s issued share capital consists of 62,709,942 ordinary shares. Its stock last closed at £269.50 ($352.40) on Friday, pointing to a market capitalisation of nearly £17 billion.