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(Sharecast News) - Gama Aviation announced on Friday that it has completed the sale of its US MRO business, trading as Jet East, for $131m.
The AIM-traded firm sold the division to West Star Aviation Enterprises on a cash-free, debt-free basis with normalised working capital.
It followed the approval by shareholders of the disposal, which was confirmed earlier on Friday.
The company's directors said they were currently reviewing the group's current and future capital requirements and expected to return a significant portion of the net proceeds from the sale to shareholders, with an expected minimum return of 55p per share.
Additional details regarding the amount, proposed timing, and method of this return would be announced in due course, the board said.
"We are delighted to announce the completion of the sale of Jet East to West Star Aviation," said group chief executive Marwan Khalek.
"It delivers excellent value for Gama Aviation, realising substantial funds to return to our shareholders, strengthen our balance sheet and invest in our special mission, technology and outsourcing, and business aviation strategic business units."
At 1432 GMT, shares in Gama Aviation were up 8.57% at 95p.
Reporting by Josh White for Sharecast.com.
