PRECISION AIR MOVES AHEAD WITH LISTING ON STOCK EXCHANGE
Tanzania’s premier airline, Precision Air, has announced it is set to go ahead with their planned listing of their shares at the Dar es Salaam stock exchange, apparently unperturbed over a recent attempt to have court issue a winding up order against them, following a suit about an alleged debt of a meagre 150.000 US Dollars. The company intends to widen its shareholder base and present shareholders, which include Kenya Airways with 49 percent, are set to reduce their own holdings substantially. KQ in fact is expected to retain about 30 percent shareholding but the commercial cooperation with Precision Air in terms of codeshared flights and the exploitation of synergy effects will not only continue but strengthen further.
Initially, the launch was due by March but may take place as late as April, so watch this space for updated news as and when the IPO is hitting the market, just as soon as the Capital Market Authority and the DSE have cleared the move.