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Martin deal given a tick
01 04 2015
Hong Kong investment fund KuangChi Science's deal with New Zealand's Martin Aircraft's has been given a tick of approval.
KuangChi Science's investment has been reported as worth up to NZ$52.5 million during the next 2 1/2 years.
The purchase was approved by the Overseas Investment Office in its latest decision summary which says KuangChi Science's acquisition of rights or interests is up to 57.21 per cent of the issued share capital of Martin Aircraft Company.
Martin Aircraft is raising capital to fund the commercialisation of its signature Martin Jetpack, invented by company founder Glenn Martin. First sales are aimed for the third quarter of 2016, with the retail price estimated to be about US$200,000 (NZ$255,240).