Stone Shi-linked investment company buys Ardmore Airport for undisclosed sum

Friday 1st July 2016

Kauri Ardmore, a New Zealand investment company associated with Oravida founder Stone Shi, has acquired Ardmore Airport for an undisclosed sum, gaining a facility that houses seven flying schools, charter operators, maintenance, and refueling services.

The vendor was Tramcent Investment Group, an Auckland-based investment company. Bradley Taylor, general manager of Tramcent Holdings, declined to elaborate on the sale agreement, which he said was subject to confidentiality.

Julia Xu, one of two directors of Kauri Ardmore along with Stone Shi, said in the statement that the acquisition "would allow for the continued growth of aviation activities in addition to supporting and encouraging future commercial investment".

Kauri Ardmore was incorporated in February this year. It is 80 percent owned by Kauri Connect, which ultimately is held in the name of a nominee company of accounting firm Gilligan Sheppard and a small stake held by Stone Shi. The remaining 20 percent is owned by Ngan Ying Ngai of Hong Kong, according to the Companies Office.

The statement said all existing leases at the airport would continue and it would be business as usual.

Ardmore Airport was established in 1943 and has become "the country's premier facility for general aviation and flight training" with more than 90 tenants currently on the airfield, according to its website. Oravida is an exporter of New Zealand produce, mainly to China.

BusinessDesk.co.nz

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