KUCHING: Hubline Bhd is venturing into the aviation industry with the completion of its purchase of a 51% stake in Layang Layang Aerospace Sdn Bhd.

In a statement Wednesday, Hubline said the exercise involved the acquisition of 510,000 ordinary shares representing 51% equity interest in Layang Layang for a total purchase consideration of RM 14.198mil.

Hubline is primarily involved in the shipping industry. Layang Layang started its operations in 1994 in Miri, Sarawak, by aircraft engineer turned entrepreneur Johan Poong Abudllah

According to the acquisition, Layang Layang will generate a profit after tax (PAT) of not less than RM10.5mil in total with a minimum of RM3mil PAT for any one year, for the financial years ending Dec 31, 2019, 2020 and 2021, or equivalent to 36 months, after taking into account the intended change of financial year end to September 30 to be co-terminus with the financial year of Hubline.

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