BAS Sells Aircraft Services Bermuda Subsidiary
In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited [BAS] announced has sold its subsidiary, Aircraft Services Bermuda [ASB] to Cedar Aviation. The sale was for an undisclosed sum.
According to the BAS website, ASB is a corporate aviation handling company that manages approximately 90 percent of corporate jets that fly into Bermuda each year.
Their services include on site customs and immigration clearance, weather briefings, flight planning operation, hotel booking and transportation arrangements. Additionally, ASB manages the cargo and freight handling facility at the L.F. Wade International Airport
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.”
