Zhejiang Rifa Holding Group has set out its bid for a partial takeover of Airwork Holdings, the Auckland-based aircraft services business, telling shareholders that it will seek to grow Airwork's presence in emerging markets such as Asia and Latin America.
In October, the Chinese group announced it had entered a takeover lock-up deed with major shareholders at $5.40 per share. Interests associated with non-executive director Hugh Jones hold 54 percent the shares on issue, so the deal can proceed regardless of whether any other shareholders accept because Rifa is seeking a minimum of 50.1 percent.
In its offer to shareholders published to the NZX, Rifa states that it will maintain its listing on the NZX and would support the existing business strategy, maintain the headquarters in New Zealand and retain key personnel. It would also "retain and respect the organisational culture, history and achievements of Airwork."
It argues there are growth opportunities from it being a major shareholder, including "growing Airwork's helicopter leasing presence in China through a potential dispatch of existing Airwork helicopters and acquisition of new helicopters."
Rifa would also seek to expand its maintenance and repair work through gaining certification in emerging markets.
