Those who are planning to buy shares in Precision Air should be cautious as the airline seems to be in a financial crisis and are only looking for capital, there are also rumours of lots of suppliers who are at their doors waiting to be paid their dues.....be careful before you deep yourself in s**t!
Daily News: page 2, 4th February
A LOCAL company, Inter premier Holdings, has petitioned before the High Courts Commercial Division, seeking winding up of Precision Air, one of the few local airlines, for failure to pay a debt of 230,000 US dollars (about 342.7m/-).
The suit has been assigned to Lady Justice Bukuku and is due to be heard on February 11, 2011. Flair Aviation GMBH, a German based air charter and leasing company, assigned such debt to Interpremier Holdings, which in turn filed the proceedings before the court in Dar es Salaam.
In an advert published this week, the petitioner, through FB Attorneys, has asked any company which intends to support or reject the suit and wishes to appear at the hearing
to give notice of such intention within seven days prior to the hearing date.
One of the biggest creditors to Precision Air is Citibank, which has funded millions of dollars to the airline for purchase of new ATR planes from France. The suit comes at a time when Precision Air is about to finalise its initial public offering (IPO) documents.
According to sources within the Tanzania Civil Aviation Authority, the Capital Markets and Securities Authority (CMSA) is monitoring the situation and will not allow shares of a company involved in winding up proceedings to be sold to the public.
Despite several attempts, Advocates Fayaz Bhojani and Gaudiosus Ishengoma of FB Attorneys who are acting for the petitioner declined to comment on the matter.
The matter is in court and we are not authorized to speak to you. And even if we were, we would not disclose the matter to you on the phone. You can peruse the court file and get all details from there, said Mr Ishengoma when contacted.
Daily News: page 2, 4th February
A LOCAL company, Inter premier Holdings, has petitioned before the High Courts Commercial Division, seeking winding up of Precision Air, one of the few local airlines, for failure to pay a debt of 230,000 US dollars (about 342.7m/-).
The suit has been assigned to Lady Justice Bukuku and is due to be heard on February 11, 2011. Flair Aviation GMBH, a German based air charter and leasing company, assigned such debt to Interpremier Holdings, which in turn filed the proceedings before the court in Dar es Salaam.
In an advert published this week, the petitioner, through FB Attorneys, has asked any company which intends to support or reject the suit and wishes to appear at the hearing
to give notice of such intention within seven days prior to the hearing date.
One of the biggest creditors to Precision Air is Citibank, which has funded millions of dollars to the airline for purchase of new ATR planes from France. The suit comes at a time when Precision Air is about to finalise its initial public offering (IPO) documents.
According to sources within the Tanzania Civil Aviation Authority, the Capital Markets and Securities Authority (CMSA) is monitoring the situation and will not allow shares of a company involved in winding up proceedings to be sold to the public.
Despite several attempts, Advocates Fayaz Bhojani and Gaudiosus Ishengoma of FB Attorneys who are acting for the petitioner declined to comment on the matter.
The matter is in court and we are not authorized to speak to you. And even if we were, we would not disclose the matter to you on the phone. You can peruse the court file and get all details from there, said Mr Ishengoma when contacted.
