Avianca Holdings is set to sell off its subsidiaries La Costeña (LC, Managua) in Nicaragua and SANSA - Servicios Aéreos Nacionales (RZ, San José Juan Santamaría) in Costa Rica as part of an ongoing asset disposal drive.

In a stock market filing, the Panama-based holding firm said its subsidiaries Grupo Taca Holdings (GTH) and Nicaragüense de Aviación S.A. (NICA) entered into an agreement on April 25 to sell all of GTH's shares in Bahamas-based Turboprop Leasing Company Ltd. and all of NICA's shares in Aerotaxis La Costeña S.A. t/a La Costeña to Delaware-based Regional Airline Holding LLC. The transaction, whose value was not revealed, is expected to close once certain unspecified conditions have been met.

GTH currently owns 68% of Turboprop Leasing Co., which, in turn, owns 100% of the shares of Little Plane Six Limited (Bahamas) and Servicios Aéreos Nacionales S.A. (Costa Rica) t/a SANSA - Servicios Aéreos Nacionales. NICA owns 68.08% of La Costeña.

The divestment drive is part of a restructuring initiative aimed at strengthening Avianca Holdings' international passenger services as well as its LifeMiles and Avianca Cargo subsidiaries.