Regional Express Holdings Limited (Rex) today announced it had acquired a further 25 percent holding in Pel – Air Pty Limited bringing its stake in the air freight and charter operator to 75 percent.
Through its wholly owned subsidiary Rex Freight and Charter Pty Limited, Rex acquired 50 percent of Pel – Air in November 2005. Under the terms of the original share sale agreement, Rex had the right to acquire a further 25 percent at this time and the remaining 25 percent shareholding over the next twelve months.
Today’s acquisition fixed at $6 million was funded from operating cash flows and places Rex in a controlling interest in Pel – Air.
Rex Executive Chairman, Lim Kim Hai said the acquisition made great sense given the complementary nature of the Rex and Pel - Air businesses and the synergies available by working as a Group.
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