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Aviation News Item: 01244
12th May 2009
Ocean Sky Receives Funding to Pursue Expansion Programme
Source: fly-corporate.com
 Ocean Sky Aviation has received £32 (€35.6) million in extra funding from shareholders to "aggressively pursue" an expansion programme into 2010.
The cash boost will trigger significant investment by the UK-based operator, particularly into Europe. A focus will be placed on acquiring other operators and prime FBO locations during the economic downturn. Kurosh Tehranchian, Chief Executive of Ocean Sky, said: "We are looking in particular at FBOs, MROs and quality aircraft charter and management companies. The main criteria is that acquisitions we make must complement our current offerings. A lot of people may question the timing. The answer is that we have been looking for opportunities in these areas for the last two years, but it has been difficult to match the right opportunities with the right price. The economic downturn has satisfied those requirements."
Tehranchian also said the decision to grow the company through a rights issue was a direct result of the increased volume of opportunities in these challenging times
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