Low cost airline 1Time has risen from the ashes after it has reached an agreement with Global Aviation Holdings and Pak Africa Trade Zone to acquire 100% of Global Airways.
The purchase price is R21.6m and will be financed by the issue of 720 million shares at 3c a share.
In a SENS announcement, 1Time states that Global Airways is a British Virgin Islands based entity operating in the aviation industry. The group’s operating activities include acquisition, refurbishment, heavy maintenance, leasing and chartering of aircraft.
Global Airways’ maintenance and operations control centre is located at O.R Tambo International Airport in Johannesburg.
1Time was once one of the preferred low-cost airlines in South Africa, but was placed under business rescue in November 2012. This resulted in the liquidation of both its operating subsidiaries.
1Time says in the statement that it foresees the transaction enabling it to operate as a low-cost carrier once again.
A total of 450 million shares will be issued to Pak Africa, and 270 million to Global Aviation.