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Bermuda Aviation Services Limited Divests ASB
Hamilton, Bermuda – 14 April, 2014 – In a filing to the Bermuda Stock Exchange (“BSX”) Bermuda Aviation Services Limited (the “Company” or “BAS”; Ticker: BAS.BH) announced the divestment of its subsidiary, Aircraft Services Bermuda Ltd. The 11 April, 2014, filing stated:
“Bermuda Aviation Services Ltd. (BAS) has announced the divestment of its subsidiary Aircraft Services Bermuda Ltd. (ASB). In a transaction closing March 31, 2014, Cedar Aviation, an emerging entity in Bermuda’s aviation sector, has purchased ASB for an undisclosed amount.
Ian Cook. BAS President and CEO, stated, “As BAS has developed over the years we have moved further away from our aviation roots to become a full-fledged service company. When we received the unsolicited offer from Cedar Aviation, it just seemed to make sense. The capital injection from the sale will facilitate further development of the Group along its new direction.”
Michael Darling, BAS Chairman, was more reflective. “BAS was born out of aviation over 60 years ago, after all it has been at the heart of our name. While we appreciate that change is inevitable, it is a somewhat sad occasion to say farewell to the subsidiary that gave rise to where and what we are today. I wish nothing but the best to Cedar Aviation and I hope that ASB brings them the sort of success that we enjoyed with the company.”
BAS would also like to acknowledge the Ministry of Transport and in particular the Department of Airport Aviation who have been complimentary business partners over the last six decades.”
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For further information contact:
Ian Cook
President & Chief Executive Officer
BAS Group
Tel: (441) 294-340