Veling Ltd Announces the Completion of A Sales & Leaseback Transaction on Two B777-200 with Emirates
Wednesday, 17 February 2010
Veling Ltd, a Mauritius based aircraft leasing company, is pleased to announce the completion of a Sale & Leaseback transaction of two Boeing 777-200 aircraft (MSN 27247 & MSN 27248) to Emirates Airlines.

The transaction involved financing from a consortium of 3 African banks namely Nedbank Capital in South Africa, State Bank and Bank One in Mauritius, making this an “All African Deal”. Veling has now a growing portfolio of thirteen aircraft under its ownership and/or management including four A340-300 (on lease to Sri Lankan Airlines), two ATR 72-500 (on lease to Kingfisher Airlines), two A310-300 (on lease to Air India) and three A310-300F (on lease to Deccan 360) and the newly added two B777-200 on lease to Emirates.

Uday Nayak, Chairman of Veling expressed his delight and gratitude to all the team members who enabled the successful conclusion of this major transaction. “With the purchase of our first 777 aircraft, Veling reaches a new level in its development as a growing aircraft leasing company. We are extremely honored to have the custom of Emirates Airlines, a major global airline .”

Nirvan Veerasamy, Managing Director added, “this transaction was particularly difficult in the current tough economic environment for aviation and aircraft financing. It is extremely gratifying to us that Veling persevered in its efforts to complete this transaction and in the process managed to structure a unique deal with Emirates Airlines, together with the participation of an all African banking consortium.

Source: Press Release (Veling Ltd & Emirates)