MAS seals sale, leaseback deal with StanChart unit

  • Business
  • Tuesday, 17 May 2011

KUALA LUMPUR: Malaysian Airline System Bhd (MAS) has closed the sale and leaseback transaction for two Airbus A330-300 aircraft with Pembroke Group Ltd, Standard Chartered Bank's (StandChart) aircraft leasing, financing and lease management subsidiary.

The financing facility for the aircraft has been arranged, underwritten and funded exclusively by StandChart. The first aircraft was delivered on April 4, while the second arrived a month later.

The purchase and 12-year lease was structured to give MAS the flexibility in fleet planning in tandem with its own/lease strategy. This forms part of MAS' fleet renewal programme comprising 15 Airbus A330-300 aircraft.

MAS chief financial officer Mohd Azha Abdul Jalil said MAS looked forward to many more strategic partnerships with StandChart and continue to reinforce its position as one of the leading international airlines.

“In line with our lease/own strategy, of six brand new aircraft that we have taken delivery since October 2010, four aircraft are directly owned by us” he said in statement yesterday.

Standard Chartered Bank (M) Bhd managing director (origination and client coverage wholesale banking) Saif Malik said as the sole financier of the wide-body aircraft, StandChart demonstrated its comparative strength in liquidity and capital; and its expertise in aviation financing.

“We look forward to supporting MAS in the future, in the successful pursuit of its business strategy,” he said,

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