Tycoon Li Ka-shing's Cheung Kong eyes on AWAS assets

HONG KONG Sun Aug 3, 2014 8:19pm EDT

HONG KONG (Reuters) - Tycoon Li Ka-shing controlled Cheung Kong (Holdings) Ltd (0001.HK) said on Monday it has submitted a preliminary non-binding proposal in relation to possible acquisition of certain aircrafts from the AWAS group.

Media has reported that Asia's richest man Li may bid for a portfolio of planes being sold by Terra Firma Capital Partners Ltd's [TERA.UL] aircraft-leasing firm, AWAS Aviation Capital Ltd [TFCPHA.UL]. AWAS plans to sell about 100 newer aircrafts for as much as $5 billion.

Cheung Kong, which reported a forecast-beating first half earnings last week, said it was at a very preliminary stage in considering the proposed acquisition and no binding agreement has been reached.

"The company has been exploring new investment opportunities to generate additional stable revenue streams to drive forward its growth momentum. The proposed acquisition is one of the many opportunities that have been presented to the company," the property group said in a filing to the Hong Kong bourse.

(Reporting by Donny Kwok; Editing by Michael Perry)