PMGI signs $202-M aviation deal in China

The Principal Management Group Inc. (PMGI), through chairman Fernando M. Sopot, has announced that the Filipino company has entered China’s aviation industry market.

Jae Chun Chang, PMGI executive vice-president, signed the contract on behalf of Sopot with Hainan Feima General Airlines Co. Ltd., a China-based company, for the supply and financing of 75 units of Bell Samsung helicopters model SB427, worth $202.50 million.

These units will augment Feima’s existing fleet of helicopters for use in Hainan, China. PMGI has provided the financing requirements of Feima for the purchase of the helicopters, payable in five years, Sopot said.

In a disclosure statement to the Securities and Exchange Commission (SEC), PMGI president-chief operating officer Rosemarie C. Basa reported that the contract with Feima includes a 10-year management provision to operate and maintain the helicopters.

Basa also reported that PMGI has entered into a purchase agreement with Korea Aerospace Industries Ltd. (KAI), authorized manufacturer of Bell Samsung Helicopters company of Korea, for the supply of model SB427.

PMGI will enter into a joint venture with CITIC Offshore Helicopter Co. (COHC) of Shenhzen, China to operate and maintain the fleets for Feima.

This agreement was made possible by PMGI’s offshore office in Macau and supported by PMGI Korea, Jae-Chun Chang, PMGI executive vice president, is now in Korea coordinating the initial delivery of the helicopters.