Precision Air listing awaits regulator approval

Tanzania's Capital Markets and Securities Authority (CMSA) CEO, Fratern Mboya stated Precision Air has already sent the application for listing approval on the Dar es Salaam Stock Exchange (All Africa, 20-Feb-2011). Its IPO now awaits the approval of the regulators, with Mr Mboya adding "We are currently going through their documents to see if they conform to the listing regulations. We will be through (with the documents) as we have received the application just a couple of days ago." The carrier reportedly hoped its offer would take off either late Feb-2011 or early Marc-2011. Precision Air seeks to raise USD25 million in the IPO, which will reduce the Kenya Airways 49% stake. The other 51% is owned by founder and chairman, Michael Shirima.