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Dart Group News

Press release - Sale of Benair

31 August 2005
 

Dart Group PLC, the aviation services and distribution group, announces today that it has sold 100% of its interest in Benair Freight International Limited and Benair Freight Pte ("Benair") to Gulf Agency Company ("GAC"), a global shipping, logistics and marine services group employing over 6,000 people in 200 offices worldwide.

The consideration, which is subject to a net asset adjustment, amounts to £5.1m based on the book value of the assets sold, estimated to be £1.2m. The proceeds will be used to pay down existing bank debt.

Commenting, Philip Meeson, Chairman and Chief Executive, said "The sale of Benair tidies up the Group structure and will free up management time and resources to concentrate on growing the Group's two core businesses of temperature-controlled distribution and aviation services. I believe that Benair has a bright future under its new owners, GAC".

 

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