|By Marketwired .||
|April 1, 2014 05:00 AM EDT||
HONG KONG, CHINA -- (Marketwired) -- 04/01/14 -- DVN (Holdings) Limited ("DVN") -- stock code: 00500 HK -- is pleased to announce that its wholly owned subsidiary, Frontier Services Limited, has concluded an agreement to acquire Phoenix Aviation Limited ("Phoenix"), a company incorporated in Kenya, for total consideration of US$14 million.
This landmark transaction for DVN was the subject of a formal Stock Exchange of Hong Kong announcement yesterday. Through the transaction, Phoenix will become a subsidiary of DVN.
The acquisition of Phoenix and its aviation assets accelerates DVN's objective to become the premier pan-African secure logistics and transportation provider to multinational and local corporations active in exploration and mineral resources operations, as well as to governmental and non-governmental organizations.
Phoenix has operated throughout Africa from its operational headquarters at Wilson Airport in Nairobi Kenya since 1994. The company's principal business activities include (i) regional cargo and passenger movements, (ii) repair and maintenance of its own and third-party aircraft throughout East Africa, (iii) search and rescue operations, (iv) the provision of worldwide air ambulance services, (v) transport of government and prominent private sector individuals. Phoenix is fully licensed and authorized to carry out these activities and has done so successfully over two decades.
Mr. Gregg Smith, Chief Executive Officer of DVN, expressed his gratification regarding the acquisition: "We believe Phoenix is the best there is in Africa in its sector of aviation. The founders of Phoenix are some of the pioneers of the legendary Kenyan aviation sector. By selling the business to us they are trusting that we will take it into our family of companies, where we will work with their very experienced and talented operating team, to expand the fleet and its maintenance operations. We are delighted to extend our presence within the Kenyan aviation and business communities. With Phoenix, a solid foundation is now laid for our ongoing expansion as a logistics, transportation, and risk management services provider with continent-wide reach."
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 8, 2016 01:30 AM EST Reads: 1,918
Dec. 8, 2016 01:00 AM EST Reads: 3,953
Dec. 8, 2016 12:30 AM EST Reads: 1,103
Dec. 8, 2016 12:15 AM EST Reads: 1,327
Dec. 7, 2016 11:45 PM EST Reads: 996
Dec. 7, 2016 10:30 PM EST Reads: 849
Dec. 7, 2016 10:00 PM EST Reads: 1,193
Dec. 7, 2016 09:15 PM EST Reads: 369
Dec. 7, 2016 08:45 PM EST Reads: 1,636
Dec. 7, 2016 08:15 PM EST Reads: 2,215
Dec. 7, 2016 07:15 PM EST Reads: 1,805
Dec. 7, 2016 07:15 PM EST Reads: 421
Dec. 7, 2016 07:00 PM EST Reads: 488
Dec. 7, 2016 06:00 PM EST Reads: 1,875
Dec. 7, 2016 06:00 PM EST Reads: 2,670