China Minsheng Investment buys majority of Minsheng International Jet
Minsheng International Jet (MSIJet) has sold the majority of its company’s shares to private investment company China Minsheng Investment Co (CMI), after completing the purchase of Business Aviation Asia (BAA).
With the recent transactions completed, BAA is now 100-percent owned by MSIJet, who is in turn 61.25 per cent owned by CMI.
CMI paid a reported 1.19 billion yuan ($194 million) for their majority stake in MSIJet.
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MSIJet was created when China Minsheng Banking Corp (CMBC) purchased Beijing-based operator CITIC.
Although the BAA and MSIJet fleets will be kept as separate entities, the combined fleet includes over 60 business jets, making it the largest managed fleet in the region.
China Minsheng Investment Corp was set-up earlier in the year by Dong Wenbiao. Dong, the former chairman of China Minsheng Bank, launched CMI with a registered capital base of 50 billion yuan ($8.13 billion) after raising funds from 59 Chinese private enterprises.
Shanghai-based CMI was given approvals to begin operating in April this year, following endorsement by the Chinese Cabinet’s State Council.
Made up of 59 shareholders with combined assets of close to one trillion yuan (around $162.6 billion), each of the stakeholders is limited to owning a 2 per cent stake in CMI, while the lower threshold is 0.6 per cent.
Earlier in the year, Li Huaizhen CEO of CMI, said that his company would look to set-up office in London and Hong Kong, as his company looks to co-operate with companies based in the cities on a range of investments and financing.