Publications
Partners
Johannesburg - Aviation group 1time Holdings [JSE:1TM] has concluded a deal with a black economic empowerment (BEE) consortium for a purchase consideration of 70 million ordinary shares at a 10% discount to the 30-day volume average weighted price.
The transaction was effective March 2, the group said on Wednesday.
Group CEO Glenn Orsmond said the equity capital of R49m would be used to expand the airline as well as its airline maintenance and charter businesses.
"Our vision has always been to create a diverse aviation group consisting of the best low-cost airline in southern Africa and a world-class maintenance facility. This transaction has significantly strengthened our BEE credentials and shareholding, and we believe that the move will assist us in realising our vision."
The BEE consortium was funded by the Industrial Development Corporation (IDC) and comprises Mtha Aviation, Sunrise Investment Group and Oakleaf Investment Holdings, whose sole purpose would be to acquire and hold an equity stake in 1time.
"We are pleased that Sipho Twala, a founding shareholder and chairperson of 1time, is also part of the BEE consortium," Orsmond said.
Busiwe Magongo, MD of Mtha Aviation, has been appointed as executive director on the board of 1time Holdings.
Blacky Komani, chairperson of Mtha Aviation, will serve as a nonexecutive director in addition to his role as executive director for American Express Foreign Exchange and other directorships. He has 20 years' experience in travel and tourism.
"There are already a number of synergies and we intend to leverage maximum value from the anticipated growth in passenger numbers in Africa, utilising the BEE consortium's expertise to maintain and enhance 1time's competitive edge," Komani said.
The transaction was effective March 2, the group said on Wednesday.
Group CEO Glenn Orsmond said the equity capital of R49m would be used to expand the airline as well as its airline maintenance and charter businesses.
"Our vision has always been to create a diverse aviation group consisting of the best low-cost airline in southern Africa and a world-class maintenance facility. This transaction has significantly strengthened our BEE credentials and shareholding, and we believe that the move will assist us in realising our vision."
The BEE consortium was funded by the Industrial Development Corporation (IDC) and comprises Mtha Aviation, Sunrise Investment Group and Oakleaf Investment Holdings, whose sole purpose would be to acquire and hold an equity stake in 1time.
"We are pleased that Sipho Twala, a founding shareholder and chairperson of 1time, is also part of the BEE consortium," Orsmond said.
Busiwe Magongo, MD of Mtha Aviation, has been appointed as executive director on the board of 1time Holdings.
Blacky Komani, chairperson of Mtha Aviation, will serve as a nonexecutive director in addition to his role as executive director for American Express Foreign Exchange and other directorships. He has 20 years' experience in travel and tourism.
"There are already a number of synergies and we intend to leverage maximum value from the anticipated growth in passenger numbers in Africa, utilising the BEE consortium's expertise to maintain and enhance 1time's competitive edge," Komani said.
