Precision Air to use funds from IPO for route and fleet expansion

Precision Air plans to use the money raised from its IPO to finance the carrier's route and fleet expansion plans (Reuters, 15-Sep-2011). The carrier hopes to raise TZS28 billion (USD17.1 million) from the rights offering. According to CAPA and Innovata data, Precision Air, the largest carrier in Tanzania, has 11 aircraft in service.