Sichuan Haite High-Tech (002023) plans to spend about 500 yuan to fully acquire Aviation Safety and Training (AST), a Singapore-based company, reports Securities Times, citing a company filing.
According to the filiing, Haite High-Tech will inject 120 million yuan over several phases into AST.
The initial capital injection of 25 million yuan will be spent on setting up an aviation training base, which will be used for providing simulator training for aviation companies in the Asia-Pacific region.
Haite High-Tech said the acquisition will help to increase its aviation training market share, increase international competition, and enhance the company’s competitiveness.
Haite High-Tech had acquired Kunming Feian Aviation Training in 2009, and purchased A321 simulators for $11.5 million.