PETALING JAYA: Private equity firm KKR has sold its remaining 21% stake in Weststar Aviation Services Sdn Bhd to the Weststar Group, thus exiting the offshore helicopter transport service company.
The transacted price was not disclosed, but sources said KKR sold its entire 40% stake in the company for about RM1.25bil after having acquired it for about RM640mil in 2013.
“This is a milestone moment for all of us at Weststar.
“We are grateful for KKR’s support over the years, during which Weststar Aviation expanded internationally serving blue-chip energy clients and enhanced our capabilities,” said Weststar Aviation chairman and founder Tan Sri Syed Azman Ibrahim.
Weststar, which has diversified businesses in the aviation, automobile, property and insurance sectors, said Weststar Aviation is well-positioned for continued growth into new markets and verticals.
This includes the public and sustainable energy sectors.
According to the group, Weststar Aviation now has the largest helicopter fleet in Malaysia and South-East Asia with 34 helicopters.
Weststar Aviation also entered into new markets such as Africa, Vietnam and the Middle East, and added new service areas in the public and sustainable energy sectors.
In 2022, the company supported the Royal Malaysian Air Force through, in a first-of-its-kind “Government Operated Contractor Owned and Maintained” model, the deployment of four AW 139 Weststar Aviation helicopters and aviation professionals, delivering 90% serviceability.
The company has maintained a 14-year accident-free track record since 2009.
“We take pride in our relationship with Weststar Aviation and Tan Sri Syed Azman Ibrahim, and our role in the evolution of the company, which is today very well-positioned for the future.
“On behalf of KKR, we wish the Weststar team continued success,” said KKR co-executive chairman Henry Kravis in a statement.
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