Beleaguered TRANSMILE GROUP BHD [] has completed the disposal of four MD-11 aircraft to Federal Express Corporation for US$66.99 million (RM200 million).
It said on Thursday, March 24, the proposed disposal was completed on Wednesday and the final disposal consideration of US$66.99 million was received in full.
To recap, Transmile’s disposal of the aircraft would enable it to reduce its debts by 39% to about RM320.1 million.
The proposed schemes are to avert the delisting of the group which has continued to suffer losses since a scandal was unearthed back in 2007 which saw inflated revenue of around RM625 million between the financial years 2004 and 2006.
It said on Thursday, March 24, the proposed disposal was completed on Wednesday and the final disposal consideration of US$66.99 million was received in full.
To recap, Transmile’s disposal of the aircraft would enable it to reduce its debts by 39% to about RM320.1 million.
The proposed schemes are to avert the delisting of the group which has continued to suffer losses since a scandal was unearthed back in 2007 which saw inflated revenue of around RM625 million between the financial years 2004 and 2006.
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