Starlite's new helicopters financed by Absa

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Mongezi Mtati

Absa Bank Ltd (Absa) granted Starlite Aviation Group asset finance to acquire six new helicopters to be used in the training of pilots at the company's International Aviation Training Academy.

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The privately-owned Starlite Aviation Group provides a range of aviation services worldwide through its head office in Dublin, Ireland, with logistical operations managed from Virginia Airport, KwaZulu-Natal.

Roanleigh Thambiran, Head of Absa Commercial Asset Finance in KwaZulu-Natal, said: "This is a groundbreaking aviation 'floor-plan' financing facility we offered to Starlite Aviation Group. With this funding, the company was able to acquire six new helicopters for their aviation training school. This transaction has opened further discussion to provide additional funding for five Cabri helicopters."

Alan Foley, Starlite Aviation Group's Chief Financial Officer said: "With our global operations, maintenance centres and a world renowned training academy in South Africa, we are able to solidify our leadership in the industry with the assistance and partnership from Absa. This has enabled us to acquire much-needed assets for the business. Our training academy, already having flown over 100,000 hours of instruction, will benefit substantially, and enable the school to fly more than the current 7,000 hours per annum."