Exchange Income Corporation (EIC) has become the latest Canadian conglomerate with interests in the aviation and aerospace fields to announce potential plans to take on board significant foreign investment.
Last year, the Canadian government increased foreign ownership caps on local carrier holdings from 25% to 49% (although no single foreign entity may hold more than a 25% stake). Since then, virtually all of Canada's Tier I carriers have signalled their intention to open up their respective shareholdings to foreign investment.
In a statement issued this week, EIC said it had completed amendments to its articles of amalgamation to increase permitted foreign ownership levels from 25% to 49%. It did not specify whether it had identified any potential foreign investors at this time, however.
EIC is a diversified, acquisition-oriented company focused on the aviation, aerospace and manufacturing sectors. Its aerospace and aviation segment interests consist of Perimeter Aviation, Kivalliq Air (Winnipeg International), Calm Air, Bearskin Airlines (operating as a division of Perimeter Aviation), Custom Helicopters, Regional One, Provincial Aerospace, PAL Airlines (Canada) and Moncton Flight College, and an investment in Wasaya Airways' parent Wasaya Group.
