Tanzanias Precision Air, currently in the process of an IPO on Dar es Salaams Stock Exchange, has notably geared up its PR activities in support of the share sale, and probably also to counter a disputed assessment by a Nairobi investment firm about the valuation of the shares at TShs 475 each.
The company yesterday presented a group of stakeholders with an insight into their vision and strategic plan to expand operations to a range of new destination as new aircraft on order are to be delivered to the airline. Precision presently flies to Mombasa, Nairobi, Entebbe and of late the Comoros Islands in the East African region and to Johannesburg in South Africa, but is said to eye a number of additional routes including the Seychelles and Dubai. The absence from the market of Air Tanzania has also led to an unprecedented number of domestic destinations to be served out of Dar es Salaam, Kilimanjaro and Mwanza, covering a total of 10 present airports including Zanzibar.
A spokesperson of the company defended the pricing of the shares, which was set by a leading international business audit and consultancy company, reflecting the value of the company and its future prospects as market leader in Tanzania. The IPO is due to run until 28th of October and applicants for shares will then learn if they have been successful or not, should as expected the offer be oversubscribed.
Compiled by Jackie