Sale Completion Of Boeing 777 Aircraft
Completed sale of Boeing 777-300ER aircraft on lease to Philippine Airlines for material profit above book value.
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Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces that, further to the announcement made on 11 June 2025, it has now completed the sale of one Boeing B777-300ER with manufacturer serial number 61735, currently on lease to Philippine Airlines.
The decision to divest the asset was made earlier in the year to tap into the favourable market conditions for a sale. The sale of the aircraft has generated a material profit above book value. The cash released after the completion of this transaction is material.
Avation's Executive Chairman, Jeff Chatfield said: "We are pleased to conclude this sale for risk reduction and portfolio management purposes. This aircraft type is an out of production aircraft and it is prudent to trade the aircraft in these market conditions. We aim to reduce debt and opportunistically re-invest the cash proceeds from this transaction into narrowbody asset types."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.