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Destiny spreads its wings buying Best Air

Ishtiaq Husain, Senior Correspondent |
Update: 2010-08-15 00:52:46
Destiny spreads its wings buying Best Air

DHAKA: Burgeoning business group Destiny is set to spread its wings by buying Best Air, a private airline, which made a tailspin in 2009 and lay inoperative.

Destiny Group is negotiating the deal with Best Aviation, the mother organisation of the airline. The Best Air will set out with a fresh setup on December 16, if all remains okay, competent sources said.

Rafiqul Amin, Managing Director of Destiny Group, told that negotiation is on with the Best Air authorities.

Aqeeq Aviation Holdings, a Kuwait-based company, controls a 70% share of the Best Air while the Best Aviation has debt to different organisations, he added.

Best Air started operations in January 2008 from Dhaka`s Shahjalal International Airport through ‘Dhaka-Chittagong’ domestic flight. In 2009 operations of Best Air were suspended following financial crisis.

According to sources concerned, apart from Destiny, Philippine-based company Transglobal is also keen to buy Best Air.

A representative from Transglobal has already visited Bangladesh to meet Hayderuzzaman, Chairman of Best Aviation.

Destiny Group is scrutinizing all debts of the airlines and foreign investment in the venture. After all the things are settled, agreement will be signed, sources added.

Akteruzzaman Tipu, Senior Manager of Best Air, told, “We are holding talks with the Destiny in this regard. Besides, they are also talking to Transglobal simultaneously.”

But, he added, they are giving the Destiny group priority as a local company.

Since its inception in 2008, Best Air had rapidly started operation on different routs, including Dhaka-Bangkok, Dhaka-Singapore, Dhaka-Dubai, and Dhaka-Colombo-Male.

Sources said Best Aviation, however, is not willing to sell off all its shares. It is planning to resume its operation on 16 December on domestic and international routes.

They will buy three ATR aircraft and three airbuses to bounce back in the aviation business.

Sources said Best Air has also debts to the Civil Aviation Authority of Bangladesh (CAAB), the National Board of Revenue (NBR) and the national flag-carrier Biman Bangladesh Airlines Limited.

BDST 1656 August 15, 2010

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