R15m bid to revive 1time

2013-08-14 08:25

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A group of Pakistani investors living in South Africa has offered R15 million to 1time Holdings shareholders for the listed company.

The investors plan to revive the airline and introduce an intra-regional business that would operate a service with Harare as a hub, Business Day reported today.

Pak Africa Aviation has presented its business plan to the Johannesburg Stock Exchange and had an “in principle” agreement and support from the 1time board and shareholders holding about 60% of 1time shares.

The new bidders had established retail, financial services and manufacturing businesses in several African countries and were headquartered in Sandton, Johannesburg.

Pak Africa had initially wanted to buy what remained of 1time, but with more than R450 million in debt and nothing to recommend its two dated aircraft, the idea was abandoned.

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