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Kenya Airways to acquire two E190 aircraft; 1time moves to the JSE’s main board

Analysis

Kenya Airways (-0.5%) announced plans to acquire two additional E190 aircraft for regional operations by the end of 2010.

Summary
  • Kenya Airways plans to acquire two additional E190 aircraft to meet growing passenger and cargo demand and expand its route network.
  • The aircraft will be leased from Jetscape, an Embraer aircraft leasing company.
  • South African airline 1Time has moved from the Altx index to the main board of the Johannesburg Stock Exchange, aiming to attract institutional investors.
  • 1Time CEO, Glenn Orsmond, is confident in the airline's performance despite warnings of a possible double-dip recession.
  • Air Arabia's shares have decreased, while Kuwait National Airways' shares remain steady.
  • Royal Jordanian and Jazeera Airways' shares have seen an increase.

The carrier stated the additional capacity is required to meet "growing passenger and cargo demand and a rapidly expanding route network". The aircraft will be leased from Jetscape, an Embraer aircraft leasing company.

See related CAPA profile: Aircraft leasing and finance

Meanwhile, 1Time (+1.9%) moved from the Altx index to the main board of the Johannesburg Stock Exchange on 05-Jul-2010, with the company stating it hopes to attract institutional investors as a result. CEO, Glenn Orsmond, stated the company is not deterred by warnings of a possible double-dip recession, stating the LCC has done well in the recessionary conditions.

Middle Eastern shares were across the board with Air Arabia (-0.5%) down, Kuwait National Airways remaining steady while Royal Jordanian (+0.6%) and Jazeera (+1.9%) shares were on the rise.

Selected African and Middle Eastern airlines share price movements (% change): 05-Jul-2010

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