Hangar8 takes off with Malta deal
Shares at private jet operator Hangar8, based in Oxford, have risen after the company announced it had acquired a 49 per cent stake in a new Maltese business.
Hangar8 bought the interest in the fledgling business Hangar8 Malta alongside two private investors.
The Oxford company now has the option to take on a controlling 51 per cent share.
The value of shares at the AIM-listed company increase by 1p to 115p yesterday (2 February).
Two unnamed private investors are set to provide working capital while Hangar8 will contribute its marketing and management expertise, said chief executive Dustin Dryden.
"This acquisition of a presence in the new corporate aviation market in Malta, at no cost to shareholders, illustrates the strength of the Hangar8 brand and allows us to participate in what we believe will become a significant aircraft register due to its location and its financial terms," he said.
"Malta is now a very attractive destination for owners to register their aircraft, for whom we will provide the same high quality services, now including maintenance through our EASA 145 Approval, that we provide to owners elsewhere."
Hangar8's acquisition of a base in Malta comes after the country's creation of The Malta Aircraft Registration Act, a new aircraft register, which came into force on 1 October 2010.
