Precision Air Services plans to file IPO in Oct-2011

Precision Air Services reportedly plans to sell part of its shares in an IPO in Oct-2011, to raise KES2.7 billion (USD28.7 million) to support its fleet expansion programme (Nation/Business Daily Africa, 02-Sep-2011). The carrier, which is partly owned by Kenya Airways, will list on the Dar es Salaam Stock Exchange. The IPO will see both Kenya Airways and Tanzanian businessman Michael Shirima dilute their shares from 49% and 51%, to 34.2% and 34.6% respectively. A total of 55 million new shares will be issued. Further details of the IPO will be released following approval from regulatory authorities. "We now have the green-light from our stock exchange and, with the final approval from Capital Markets Authority expected in two weeks, we should be able to go public by Oct-2011," stated MD and CEO, Alfonse Kioko. Precision Air Services plans to increase fleet to 17 by the end of 2013 from the current 11.