Kuwait Finance House, Bahrain (“KFH-Bahrain”) announced Thursday that it has signed an agreement to acquire a 75 percent interest in Liberty Aerospace Inc. (“Liberty Aerospace or the Company”), a privately held designer and manufacturer of single-engine piston-powered aircraft headquartered in Melbourne, Florida, USA.
Liberty Aerospace was recently granted US Federal Aviation Administration (FAA) approvals in February 2004 to bring to market the Liberty XL2, the first all-new, two-seat aircraft to be fully certified in the US in the past 30 years. In addition, the Company was awarded the 2004 International Aerospace Industry Award for General Aviation at the Annual Aerospace Industry Awards held in Singapore in honor of superior aircraft design for the Liberty XL2.
Commenting on the announcement, Mr. Abdulhakeem Alkhayyat, General Manager of KFH-Bahrain said, “As the first new aircraft of its kind to be fully certified in the US in three decades, the development of the Liberty XL2 is a remarkable achievement that sets a new standard for this category of aircraft. KFH-Bahrain is delighted to invest in Liberty Aerospace and support the efforts of Liberty Aerospace’s innovative management team as it moves forward with the full commercial development of this new aircraft for which there is already a healthy and growing order book and significant market potential across the US and international markets.”
According to Liberty Aerospace President and CEO Anthony Tiarks, “We are extremely pleased to have secured KFH-Bahrain’s investment in Liberty Aerospace, which underscores and builds on the strength of the Company and its future. We have developed the world’s best two-seater aircraft and the robust financial position and support of KFH-Bahrain will enable us to continue to roll out our business plan with enhanced strength and confidence.”
Sharif Monfaradi, Head of Direct Investment at KFH-Bahrain added, “KFH-Bahrain is pleased with our ongoing ability to identify compelling investment opportunities on a global basis on behalf of our investors. To date, KFH-Bahrain has completed a number of private equity investments throughout the world and our track record of partnering with innovative companies with exceptional growth potential is no better reflected than through our investment in Liberty Aerospace, which offers a groundbreaking product, proven and differentiated business model and track record of success.” (menareport.com)
© 2004 Mena Report (www.menareport.com )