Maintenance firm SR Technics will represent Dubai Aerospace Enterprise’s entire overhaul and repair interest, following the acquisition of the Swiss-based company by a consortium of Middle East investors.
Dubai Aerospace Enterprise was set up earlier this year to operate in a broad range of aviation sectors. Maintenance is one of six main areas of interest for the company.The organisation is one of three investors, alongside investment companies Istithmar and Mubadala Development, who are taking a majority shareholding in SR Technics.
SR Technics chairman Frank Turner, speaking at a briefing today, said that the size of the consortium’s shareholding in the maintenance firm is expected to be around 91-92%.He adds: “We are the technical services provider of Dubai Aerospace Enterprise – there won’t be any others. We are it.”
Turner says that, while SR Technics had been keen to pursue an initial public offering, it had also explored a “parallel trail” to see whether it could drum up interest from a strategic investor – subsequently attracting the United Arab Emirates consortium.
SR Technics reinforced its own Middle East interests earlier this year with plans to develop a new maintenance centre in Oman, following the transfer of carrier Gulf Air’s entire fleet servicing to the Swiss company and away from Gulf Air Maintenance (Gamco) in Abu Dhabi.
Dubai Aerospace Enterprise was set up earlier this year to operate in a broad range of aviation sectors. Maintenance is one of six main areas of interest for the company.The organisation is one of three investors, alongside investment companies Istithmar and Mubadala Development, who are taking a majority shareholding in SR Technics.
SR Technics chairman Frank Turner, speaking at a briefing today, said that the size of the consortium’s shareholding in the maintenance firm is expected to be around 91-92%.He adds: “We are the technical services provider of Dubai Aerospace Enterprise – there won’t be any others. We are it.”
Turner says that, while SR Technics had been keen to pursue an initial public offering, it had also explored a “parallel trail” to see whether it could drum up interest from a strategic investor – subsequently attracting the United Arab Emirates consortium.
SR Technics reinforced its own Middle East interests earlier this year with plans to develop a new maintenance centre in Oman, following the transfer of carrier Gulf Air’s entire fleet servicing to the Swiss company and away from Gulf Air Maintenance (Gamco) in Abu Dhabi.
Source: FlightGlobal.com
