Gama Aviation (LSE:GMAA) PLC shares shot up 43% on Wednesday morning after the firm announced the sale of maintenance and repair subsidiary Jet East.
Net proceeds from the sale were US$100 million, Gama said in a statement, with this translating to “not less” than 55p per share.
“This deal provides Gama Aviation (LSE:GMAA) the appropriate capital to allow us to capture [...] tremendous opportunities” elsewhere, chief executive Marwan Khalek said.
Though the deal, which will see Jet East sold to West Star Aviation, is subject to a shareholder vote in early November, Gama said enough stakeholders had already committed to backing this.
Shares soared 43% to 75p.