Cargojet Airways (W8, Hamilton, ON) announced on September 10 that its president and CEO, Ajay Virmani, had sold 674,000 common voting shares in the company held through the Virmani Family Trust, a sale facilitated by a Canadian investment dealer through a block trade arrangement.

The Ontario-based cargo carrier said in a statement that after the sale Virmani would continue to retain the majority of his holdings in Cargojet and "remains committed to leading the corporation as CEO into its next phase of growth".

The carrier added that Virmani planned to use proceeds from the share sale "for estate planning and to fund his family foundation for charitable giving."

The sale of 674,000 common voting shares at CAD101 Canadian dollars (USD76.20) per share for aggregate proceeds of CAD68,074,000 (USD51,362,650) represents around 4.95% of the corporation's common and variable voting shares, Canada NewsWire reported.

Immediately before the sale, Virmani owned or controlled, directly or indirectly, 1,621,115 voting shares, representing 11.89% of the total. After the sale, this figure decreased to 947,115, or 6.94% of the total, the newswire added.