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China firm looks to purchase stake in TMA

Fathmath Shaahunaz
19 March 2017, MVT 11:38
A Transmaldivian Airways seaplane.
Fathmath Shaahunaz
19 March 2017, MVT 11:38

A Chinese firm has proposed to purchase stake in Transmaldivian Airways, the main seaplane operator in the Maldives.

According to China Daily, the firm is a manufacturer of generators and engines, Zongshen Group, which is looking to buy TMA stakes to become the top seaplane operator in the world.

The news website cited Zongshen Group’s Chairman Zuo Zongshen that the company, which is based in Chongqing in the southwest of China, has proposed “billions of yuan” to purchase TMA shares. The site added that Zongshen Group is also in discussion to buy stakes in Kenmore Air, a seaplane operator in Seattle, United States.

Mihaaru was not able to reach Zongshen Group for comment regarding the percentage of stake the group proposes to buy.

TMA is the largest seaplane operator in the world with a fleet of 44 that operate over 100,000 flights annually. The company’s investors are Blackstone Group of the United States and local tycoon Champa Hussain Afeef’s Kasa Holdings Pvt Ltd.