16-Apr-2010 3:45 PM

Comair to launch rights offer in May-2010; Air Arabia slips; Kenya Airways up with market

Comair (-1.9%) was the only African carrier down at the end of trading on Thursday (15-Apr-2010). It announced plans to open its rights offer on 03-May-2010, with shares to be listed from 17-May-2010.

The carrier plans to raise ZAR124.5 million by way of a fully underwritten renounceable rights offer of 69.2 million new Comair ordinary shares of ZAR 1.00 cent each to qualifying Comair ordinary shareholders and Comair 'A' ordinary shareholders. The Rights Offer Shares will be issued at a share price of ZAR1.80 per Rights Offer Share (in the ratio of 14 rights for every 100 Comair ordinary shares or Comair 'A' ordinary shares held on the record date for the Rights Offer, being 30-Apr-2010.

Also in Africa, Lonrho (+3.6%) shares rebounded, while 1time (+0.9%) and Kenya Airways (+0.9%) also gained, as South Africa’s JSE (+0.2%) and Kenya’s All-Share Index (+0.3%) rose.

In the Middle East, Air Arabia (-0.5%) was the only carrier down. Jazeera Airways (+1.9%) was the day’s biggest gainer, despite the Kuwait Stock Exchange ending trading down 0.2%.

Royal Jordanian (+0.5%) was also up, as the Amman Stock Exchange rose 0.6%.

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Selected African and Middle Eastern airlines share price movements (% change): 15-Apr-2010