Rex takes ownership of entire Saab 340 fleet

Regional Express (Rex) has bought 18 Saab 340Bplus aircraft which came off lease on 25 March 2014, the purchase meaning that Rex now owns its entire 51-strong fleet of Saab 340s.

The latest 18 purchases were part of the 25 aircraft that Rex had on lease, the other seven having been bought earlier at their lease expiry on 1 July 2013. The acquisition was partly funded by Rex’s operating cash flows with the rest from bank financing.

Commenting on the deal, Rex chief operating officer Garry Filmer said, “Rex committed to leasing these aircraft in late 2006 as part of its fleet modernisation and expansion programme. Upon lease expiry we had the opportunity of purchasing them at advantageous rates. With a remaining useful life of at least another 20 years, the Saab 340s with their low operating cost and fuel efficient engines will continue to provide sterling service on the Rex network.

“The purchase also means that the savings on lease payments will contribute significantly to improvement on the bottom line,” Filmer noted.

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