By PAUL WAFULA pwafula@ke.nationmedia.com
Posted Friday, September 2 2011 at 20:52
Precision Air, the Tanzanian airline partly owned by Kenya Airways, will sell part of its shares to the public in October to raise Sh2.7 billion to support its fleet expansion.The airline will list at the Dar es salaam Stock Exchange.
The initial public offering will see both Kenya Airways, currently holding 49 per cent stake and Tanzanian businessman Michael Shirima, with 51 per cent stake, dilute their shares to 34.2 per cent and 34.6 per cent, respectively. A total of 55 million new shares will be issued.
The public offering has had two false starts, in late in 2010 and in April 2010, in what the management says were delays in getting approvals from regulatory bodies in Tanzania.
Final approval
We now have the greenlight from our stock exchange and, with the final approval from (Tanzania) Capital Markets Authority expected in two weeks, we should be able to go public by October, said Mr Alfonse Kioko, the airlines managing director.
The Kenya Airways management says the deal was approved in July last year in readiness for the additional issue of shares to help Precision increase its fleet.
More info and source: Daily Nation: - Business News |Airline to sell Sh2.7bn shares
Posted Friday, September 2 2011 at 20:52
Precision Air, the Tanzanian airline partly owned by Kenya Airways, will sell part of its shares to the public in October to raise Sh2.7 billion to support its fleet expansion.The airline will list at the Dar es salaam Stock Exchange.
The initial public offering will see both Kenya Airways, currently holding 49 per cent stake and Tanzanian businessman Michael Shirima, with 51 per cent stake, dilute their shares to 34.2 per cent and 34.6 per cent, respectively. A total of 55 million new shares will be issued.
The public offering has had two false starts, in late in 2010 and in April 2010, in what the management says were delays in getting approvals from regulatory bodies in Tanzania.
Final approval
We now have the greenlight from our stock exchange and, with the final approval from (Tanzania) Capital Markets Authority expected in two weeks, we should be able to go public by October, said Mr Alfonse Kioko, the airlines managing director.
The Kenya Airways management says the deal was approved in July last year in readiness for the additional issue of shares to help Precision increase its fleet.
More info and source: Daily Nation: - Business News |Airline to sell Sh2.7bn shares