Avation PLC CEBU LEASE (9328L)
September 11 2023 - 1:00AM
UK Regulatory
TIDMAVAP
RNS Number : 9328L
Avation PLC
11 September 2023
Via RNS and SGXNET
AVATION PLC
("Avation" or "the Company")
AIRCRAFT TRANSITION TO CEBU PACIFIC
Avation PLC (LSE: AVAP) , the commercial passenger aircraft
leasing company, is pleased to announce that it has entered into a
new operating lease for an Airbus A320 aircraft with Philippines
low-cost carrier, Cebu Pacific. The market rate lease is for a term
of four years and is on Avation's typical lease terms. The aircraft
is currently being returned by the previous operator and is
scheduled for delivery to Cebu Pacific in December 2023, following
scheduled periodic maintenance checks.
Cebu Pacific operate a substantial route network to over 60
domestic and international destinations in Australia, Brunei,
China, Hong Kong, Indonesia, Japan, Malaysia, Singapore, South
Korea, Taiwan, Thailand, UAE and Vietnam. Cebu operates a modern
fleet of Airbus A330 family, Airbus A320 family as well as ATR
72-600 aircraft, and according to its public statements offers the
most seats of any airline in the Philippines with the country's
youngest fleet. The Philippines low-cost carrier recently reported
the second consecutive profitable quarter since the pandemic and a
recovery to 50% of its pre-pandemic operating income in 2019.
Avation's Executive Chairman, Jeff Chatfield said: "We are
pleased to have secured a new lease for this aircraft and delighted
to placed it with an existing customer, Cebu Pacific. This
transaction demonstrates the Avation platform's capacity to
transition aircraft to quality lessees and our ability to leverage
the relationships we have with existing customers. Once the
aircraft is delivered in December 2023 this lease will positively
impact our fleet metrics."
-ENDS -
Enquiries:
Avation PLC - Jeff Chatfield, Executive Chairman +65 6252 2077
Avation welcomes shareholder questions and comments and advises
the email address for questions is: investor@avation.net and the
Company provides an investor Q & A during the conference call
associated with release of results. The head office telephone
number is +65 62522077.
Notes to Editors: Avation PLC is an aircraft leasing company,
headquartered in Singapore, owning and managing a fleet of
commercial passenger aircraft which it leases to airlines around
the world. More information on Avation is available at
www.avation.net .
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END
AGRURUSROVUKAAR
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