China Taiping Insurance Units to Buy Five Aircraft

MT Newswires Live05-29

China Taiping Insurance (HKG:0966) subsidiaries Jixiang BJ1 Aircraft Leasing and Jixiang SZ1 Aircraft Leasing will buy five aircraft from certain units of Air Lease Corporation, a Wednesday filing on the Hong Kong bourse stated.

According to the insurer, the aircraft comprises two Airbus A321-200 planes and three Boeing B737-800 jets.

An independent appraiser determined that the aircraft's market value is around $221.1 million, close to the value of the deal's consideration.

The purchase is expected to be completed by December. Upon completion, the buyer will enter into a contract to assume all rights and obligations from the seller under a relevant lease agreement concerning the aircraft.

Shares of the company closed over 2% lower on Wednesday.

Price (HKD): $8.69, Change: $-0.22, Percent Change: -2.47%

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