Low-cost carrier 1Time plans to raise R30m ahead of Joburg listing
By: Olivia Spadavecchia
Low-cost airline 1Time, which plans to list on the Johannesburg Stock Exchange on August 14, expects to raise R30-million through a private placement of 30-million shares, priced at R1 a share, the company said on Monday.
The JSE has approved the listing of 21-million shares under the share code 1TM.
The airline also plans to launch an airfreight business in the next three years, it said.
1Time, whose first flight took place in early 2004 on the Johannesburg-Cape Town route, also operates in aircraft maintenance and in charter businesses.
The company said it sees buoyant conditions ahead, with the aviation industry expected to transport 12,5-million domestic passengers this year, out of a population of about 48-million.
"In addition, the market is poised to benefit strongly from the events such as the 2010 FIFA soccer World Cup," it said.
The company also plans to expand its leisure market and target the corporate market, while considering routes into Africa.
Revenue is forecast to grow from R491,3-million to R621,2-million this year, and to R714,2-million in 2008.
1Time competes in South Africa with fellow no-frills carriers kulula.com, which is operated by JSE-listed Comair, and SAA-linked Mango.
Article from http://www.engineeringnews.co.za/
Want to go visit the JSE? Hire a car from www.southafrica-carhire.com
Low-cost airline 1Time, which plans to list on the Johannesburg Stock Exchange on August 14, expects to raise R30-million through a private placement of 30-million shares, priced at R1 a share, the company said on Monday.
The JSE has approved the listing of 21-million shares under the share code 1TM.
The airline also plans to launch an airfreight business in the next three years, it said.
1Time, whose first flight took place in early 2004 on the Johannesburg-Cape Town route, also operates in aircraft maintenance and in charter businesses.
The company said it sees buoyant conditions ahead, with the aviation industry expected to transport 12,5-million domestic passengers this year, out of a population of about 48-million.
"In addition, the market is poised to benefit strongly from the events such as the 2010 FIFA soccer World Cup," it said.
The company also plans to expand its leisure market and target the corporate market, while considering routes into Africa.
Revenue is forecast to grow from R491,3-million to R621,2-million this year, and to R714,2-million in 2008.
1Time competes in South Africa with fellow no-frills carriers kulula.com, which is operated by JSE-listed Comair, and SAA-linked Mango.
Article from http://www.engineeringnews.co.za/
Want to go visit the JSE? Hire a car from www.southafrica-carhire.com
Labels: South Africa - Airlines
