Shipping company Hubline ventures into aviation via Layang Layang Aerospace

Hubline Bhd, a Bursa Malaysia-listed company primarily involved in the shipping industry, has branched out into the aviation industry with the completion of the acquisition of a 51 per cent stake in Layang Layang Aerospace Sdn Bhd. In a filing with Bursa Malaysia, the company said it had bought a controlling stake in Layang Layang Aerospace for RM14.2 million. Layang Layang Aerospace will generate a net profit of not less than RM10.5 million in total with a minimum of RM3.0 million net profit for any one year, for the financial years ending December 31 2019, 2020 and 2021, or equivalent to 36 months. This was after taking into account the intended change of financial year end to 30 September to be co-terminus with the financial year of Hubline, it said.