LONDON (ShareCast) - (Sharecast News) - Commercial aircraft leasing company Avation has converted two purchase rights from its order book into firm orders for two ATR 72-600 aircraft, it announced on Wednesday.
The London-listed firm said the aircraft would be leased to Bangladeshi airline US-Bangla - the country's largest private airline - and would support the expansion of its turboprop fleet by increasing the number of ATR aircraft from six to eight.

In addition, Avation said it had acquired two additional ATR 72-600 purchase rights to replace those that were exercised.

"Regional connectivity is essential in Bangladesh and the region," said US-Bangla managing director Mohammed Abdullah Al Mamun.

"We are delighted that we can offer our passengers the chance to access new opportunities throughout the country."

Al Mamun said operating the ATR 72-600 made "total sense" in Bangladesh, adding that the airline had received "very good feedback" from passengers, and was "very satisfied" with the reliability and comfort of the aircraft.

"With the -600 series' modern and comfortable cabin, featuring the latest 18-inch wide passenger seats, we are able to give our passengers a premium experience, which is essential for US-Bangla."

Executive chairman of Avation Jeff Chatfield added that the economics of the ATR 72-600, its wide customer base and environmental credentials made it an "extremely attractive" asset for both lessors and airlines operating in all types of environments.

"We are glad to foster our partnership with US-Bangla and see them expand their regional footprint and develop connectivity in Bangladesh."

Stefano Bortoli, chief executive officer of ATR, said it was "pleasing" to have two satisfied customers at the same time.

"US-Bangla [is] continuing to increase their fleet size, showing the unrivalled performance of the ATR in providing regional connectivity throughout Bangladesh.

"We continually develop our product to ensure that operators and clients are satisfied."

Bortoli said aircraft with high asset values were "essential" for lessors.

"So when Avation, with its market acumen and track record of placing aircraft, continues to order the ATR we know that our product is working for our customers."

At 1513 GMT, shares in Avation were up 0.16% at 321p.

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