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1TIME Holdings is set to become SA’s second airline operator to be listed on the local bourse after Comair, operator of low-cost carrier kulula.com and a British Airways franchise. 1time Holdings, will be listed on the JSE .
Company CEO Glenn Orsmond said the privately owned firm would raise R30m by placing 60-million ordinary shares before listing next month.
The cash generated from the sale of the shares would be used to buy two new planes, establish an engine maintenance facility and to bolster 1time’s charter service. The company also planned to launch an air freight business to compete with South African Airways’ SAA Cargo.
1time’s director of marketing and operations, Rodney James, said yesterday the new planes would bring to 12 the number of aircraft that 1time owned.
The additional capacity would enable the 1time to expand its domestic route network and also to venture into regional markets.
With less than 10% of South Africans presently using planes as a mode of long distance domestic travel, James said there were still prospects for further passenger growth in future. The low-cost carriers had not only cannibalised markets from full service carriers but had also grown the domestic market more than 30% in the past five years.
Article from http://www.businessday.co.za/
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