KUALA LUMPUR: I know I could be in trouble here but I need to run this ASAP. At first glance it looks funny and weird. One wonders whether MINDEF had conducted background checks on this company before allowing the Defence Minister to witness the signing. I am wondering which airlines are beating their doors….
Crecom unit signs RM17bil deal to buy aircraft
KUALA LUMPUR: Crecom Burj Resources Ltd (CBRL), a wholly-owned subsidiary of Crecom Burj Bhd, has signed a US$5bil (RM16.65bil) purchase agreement with Russia-based IRKUT Corp for the acquisition of 50 MC21 passenger aircraft.
IKRUT is the leading aircraft manufacturer in Russia. CBRL is an investment company to establish and develop new business ventures/tie-up with foreign international companies.
The aircraft would eventually be leased out to airline companies, group chief executive officer of Crecom Burj, Mohamad Isa Abdullah said at the signing ceremony yesterday.
At the same event, CBRL also signed a memorandum of agreement with IBH Investment Bank Ltd, which will act as lead arranger for funding the aircraft’s purchase.
Mohamad Isa said delivery of the aircraft was scheduled for 2014.
“Some airlines in South-East Asia have shown an interest in leasing the aircraft,” he added.
He said the Russian plane was chosen for its price competitiveness when compared with other aircraft in the market, as well as technology.
“We anticipate more business opportunities from Russia,” he added. — Bernama
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