newstodate.aero

Jun 07, 2019 (newstodate): Estonia's successful MRO provider Magnetic MRO is planning for further growth and is now preparing for emission of new shares.  
   Plans are to raise the company's share capital to fuel organic growth and support sustained expansion in key markets.
   Since May 2018, Magnetic MRO is fully owned by the Chinese company Guangzhou Hangxin Aviation Technology.
   But according to agreements, Shenzhen Yongtai Trading Co., Limited, is authorized to take up to  13.44 percent in Magnetic MRO, and a Hong Kong-registered company Sapphire Investment Holding Limited is authorized to take up to 1.60 percent in Magnetic MRO, bringing Guangzhou Hangxin's stake down to 84.96 percent.
    Set up in 1991 and trading as Air Maintenance Estonia, the company was acquired by the Danish carrier Maersk Air in 2002 before being taken over by SAS in 2003.  
   SAS later sold its stake in the company in 2010 to a Baltic investment group, BaltCap, that divested of its entire stock in the company that was re-branded Magnetic from September 15, 2014.