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1time to acquire Global Airways as part of plans to resume operations

5-Dec-2013 3:20 PM

1time entered (04-Dec-2013) a binding agreement with Global Aviation Holdings and Pak Africa Trade Zone on 02-Dec-2013 to acquire 100% of the issued share capital of Global Airways for a consideration of ZAR21.6 million (USD2.1 million). The acquisition will be settled through the issue of 720 million ordinary shares in 1time at ZAR0.03 (USD0.003) per share, with Pak Africa to receive 450 million shares and Global Aviation to receive 270 million. 1time views the acquisition as a viable means to resume operations as a LCC. Global Airways is based the British Virgin Islands and provides aircraft leasing, charter, acquisition, refurbishment and maintenance services from its maintenance and operations control centre at South Africa's Johannesburg OR Tambo International Airport. The company holds a valid operators certificate for scheduled and non-scheduled services. [more - original PR]