Precision Air to list; 1Time issues new shares

Precision Air stated it expects to list on the Dar es Salaam Stock Exchange (DSE) in Mar-2011 or early Apr-2011. The carrier will disclose details on the price range and how much it plans to raise from the IPO after receiving regulatory approval in the next few weeks. The share sale will result in Kenya Airways reducing its ownership level in the airline to 34%.

Ghana Civil Aviation Authority awarded Africa World Airlines an air carrier licence to operate passenger and cargo services within Ghana and West Africa. The carrier will commence flight operations in mid-2011 with services from Accra to Kumasi, Tamale and Takoradi. The carrier is a Ghanaian private-sector joint venture between SAS Finance Group and Chinese investment and technical partners.

1time Holdings company reportedly issued 70 million new shares, or 25% of the issued shares, to a consortium of investors at USD7.1 million (ZAR49 million), a 10% discount to the previous 30-day volume weighted average price. Shares in 1Time Holdings fell 2.8% on Monday.

Selected MEAAD daily share price movements (% change): 07-Mar-2011