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WHILE it has been widely reported that Pak Africa Aviation was involved in trying to resurrect 1time, 1time Holdings on Wednesday announced a slight twist, in the involvement of Global Airways.
Global Airways is a British Virgin Island-based entity, but has a maintenance and control centre in Johannesburg at OR Tambo International Airport. It is involved primarily in the leasing of its planes (wet, dam and dry).
The details are that 1time Holdings will purchase 100% of Global Airways, in exchange for giving 270 million 1time shares to Global Aviation and 450 million shares go to Pak Africa Aviation. Considering that there are currently 280 million 1time shares, this means that current shareholders of 1time will own 28% of the company, Pak Africa will own 45% and Global Aviation will own 27% of 1time Holdings.
1time has explained the rationale for the transaction as a means to allow it to operate as a low-cost carrier again (Global Airways holds the coveted Airline Operators Certificate for both unscheduled and scheduled flights).
In September Pak Africa Aviation told SouthAfrica.TO that they planned to keep 1time Holdings listed on the Johannesburg Stock Exchange. They were still deciding which routes to fly, but were considering connecting secondary airports (although this interview was also before Airlink and SA Express started expanding their coverage of secondary routes).
Other airlines wanting to start domestic flights in South Africa are Fastjet, Skywise and FlySafair (which recently restructured its ownership to meet the requirement for 75% local ownership).
- Fin24
*Rob Baker is co-owner of South Africa Travel Online. Follow him on twitter on @southafricaTO.
Global Airways is a British Virgin Island-based entity, but has a maintenance and control centre in Johannesburg at OR Tambo International Airport. It is involved primarily in the leasing of its planes (wet, dam and dry).
The details are that 1time Holdings will purchase 100% of Global Airways, in exchange for giving 270 million 1time shares to Global Aviation and 450 million shares go to Pak Africa Aviation. Considering that there are currently 280 million 1time shares, this means that current shareholders of 1time will own 28% of the company, Pak Africa will own 45% and Global Aviation will own 27% of 1time Holdings.
1time has explained the rationale for the transaction as a means to allow it to operate as a low-cost carrier again (Global Airways holds the coveted Airline Operators Certificate for both unscheduled and scheduled flights).
In September Pak Africa Aviation told SouthAfrica.TO that they planned to keep 1time Holdings listed on the Johannesburg Stock Exchange. They were still deciding which routes to fly, but were considering connecting secondary airports (although this interview was also before Airlink and SA Express started expanding their coverage of secondary routes).
Other airlines wanting to start domestic flights in South Africa are Fastjet, Skywise and FlySafair (which recently restructured its ownership to meet the requirement for 75% local ownership).
- Fin24
*Rob Baker is co-owner of South Africa Travel Online. Follow him on twitter on @southafricaTO.
