China-based Citic Offshore Helicopter, which operates mainly medium twins for offshore passenger transportation, plans to divest its 94-percent stake in Citic General Aviation, for at least $13 million, according to Chinadaily.com. Citic General Aviation has a fleet of 18 helicopters and three business jets. As Citic General Aviation could not “perform in a large scale due to the limited number of jets it owns,” it posted “low revenue” in the last few years. It was profitable but all the profits were made by the helicopter business, while the business jet sector posted losses.
Chinese Operator Disposes of Genav Subsidiary
- March 6, 2013, 4:35 AM