3rd Apr 2019 12:58
LONDON (Alliance News) - Gama Aviation PLC on Wednesday said it has selected the managing director of major shareholder Hutchison Whampoa China Ltd as its new chair.
Shares in business aviation services firm Gama Aviation were up 3.3% at 63.00 pence on Wednesday.
Simon To, who is also a non-executive director at Gama Aviation, has been promoted to chair with immediate effect.
To is currently chair of Hutchison China Meditech Ltd and also managing director of Hutchison Whampoa China Ltd, which owns 21% of Gama Aviation. Hutchison Whampoa China has confirmed it does not intend to bid for Gama Aviation.
Former Gama Aviation chair Ralph Robins has now departed the aircraft management and maintenance services company, having announced his intent to step down in November.
To said: "I remain committed to the strategic vision for Gama which lay behind Hutchison's investment in February 2018. I will work very closely with the executive management team in addressing Gama's current challenges and setting up a platform for future success for the benefit of all shareholders."
Gama Aviation issued a profit warning in January, expecting operating profit to fall USD3 million below its prior guidance due to accounting changes and a smaller than expected share of profit from associates. In March, Gama Aviation said its 2019 trading has been as expected.
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