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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  BOC Aviation Limited    2588   SG9999015267

BOC AVIATION LIMITED

(2588)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 11/30
68.9 HKD   +0.80%
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BOC Aviation : AMENDMENT TO PURCHASE AGREEMENT

08/30/2020 | 06:04am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

BOC AVIATION LIMITED

中 銀 航 空 租 賃 有 限 公 司*

(Incorporated in the Republic of Singapore with limited liability)

Stock Code: 2588

AMENDMENT TO PURCHASE AGREEMENT

The Board announces that BOC Aviation (Cayman) Limited, a wholly-owned subsidiary of the Company, entered into an agreement with Airbus to terminate its agreement to purchase 18 Airbus A320NEO family aircraft.

  1. Introduction
    Reference is made to the Company's announcement dated 31 December 2019 in relation to a transaction (the "Transaction") involving (a) the purchase of 18 Airbus A320NEO family aircraft (the "Aircraft") from Airbus S.A.S. ("Airbus") and (b) the grant of an option to an airline (the "Airline") to either take the Aircraft on lease from the Company or to purchase the aircraft itself.
    The Board of Directors (the "Board") of the Company announces that on 28 August 2020, BOC Aviation (Cayman) Limited, a wholly-owned subsidiary of the Company, entered into an agreement (the "Agreement") with Airbus to amend the Transaction by terminating its commitment to purchase the Aircraft, which the Airline has instead agreed to purchase from Airbus. This announcement is made pursuant to Listing Rule 14.36.
  2. Parties to the Agreement

2.1 The Company

BOC Aviation Limited, which is a leading global aircraft operating leasing company with a fleet of 571 aircraft owned, managed or on order as at 30 June 2020.

  • For identification purpose only

- 1 -

2.2 Airbus

Airbus S.A.S., a société par actions simplifiée duly created and existing under French law, the principal activity of which is aircraft manufacturing. To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, Airbus and its ultimate beneficial owners are third parties independent of the Company and the connected persons of the Company.

3. Listing Rules Implications

  1. The Board confirms that the Company is a listed issuer actively engaged in aircraft leasing with aircraft operators as a principal business in its ordinary and usual course of business and the Company is therefore a Qualified Aircraft Lessor (as defined in the Listing Rules).
  2. The Board further confirms that (a) the Agreement is entered into in the Company's ordinary and usual course of business and on normal commercial terms, and (b) the terms of the Agreement are fair and reasonable and in the interests of the Company and its shareholders as a whole.

By Order of the Board

BOC Aviation Limited

Zhang Yanqiu Juliana

Company Secretary

Hong Kong, 30 August 2020

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Sun Yu as Chairman and Non-executive Director, Mdm. Zhang Xiaolu and Mr. Robert James Martin as Executive Directors, Mr. Li Mang, Mr. Liu Chenggang, Mr. Wang Zhiheng and Mdm. Zhu Lin as Non-executive Directors and Mr. Dai Deming, Mr. Fu Shula, Mr. Antony Nigel Tyler and Dr. Yeung Yin Bernard as Independent Non-executive Directors.

- 2 -

Disclaimer

BOC Aviation Ltd. published this content on 30 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2020 10:04:00 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 2 158 M - -
Net income 2020 669 M - -
Net Debt 2020 17 248 M - -
P/E ratio 2020 72,8x
Yield 2020 0,47%
Capitalization 48 685 M 6 280 M -
EV / Sales 2020 30,6x
EV / Sales 2021 27,0x
Nbr of Employees 179
Free-Float 99,0%
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Technical analysis trends BOC AVIATION LIMITED
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Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 8,53 $
Last Close Price 70,15 $
Spread / Highest target -86,6%
Spread / Average Target -87,8%
Spread / Lowest Target -90,6%
EPS Revisions
Managers
NameTitle
Robert James Martin Chief Executive Officer, MD & Executive Director
Yu Sun Non-Executive Chairman
David Ryan Walton Chief Operating Officer
Steven Matthew Townend Chief Financial Officer & Deputy Managing Director
Mang Li Non-Executive Director
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