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Precision Air
Precision Air Services Plc (operating as Precision Air; DSE:PAL) is a Tanzanian airline based at Julius Nyerere International Airport in Dar es Salaam. The airline operates scheduled passenger services to Nairobi and Comoros; and to various airports and airstrips in Tanzania. Kenya Airways owns 41.23% of the airline, and is a component company of the Tanzania All Share Index.
It is currently banned from flying into the EU
Precision Air was incorporated in Tanzania in January 1991 as a private airline and started operations in 1993. At first, it operated as a private charter air transport company but in November 1993 changed to offer scheduled services to serve the growing tourist market. It introduced a 737-300 courtesy of Kenya Airways in 1999. [clarification needed]
In 2006, Precision Air became the first Tanzanian airline to pass the IATA Operational Safety Audit.
In April 2011, the airline became a public company.
Precision Air was privately owned until 2003, when Kenya Airways acquired a 49 percent stake, paying US$2 million, weeks after its rival South African Airways acquired a 49 percent stake in Air Tanzania for US$20 million. The remaining 51 percent was retained by Michael Shirima, the founder of the airline.
In October 2011, Precision Air floated shares in its stock in an initial public offering on the Dar es Salaam Stock Exchange, after which Shirima's and Kenya Airways's stakes declined and the new share subscribers owned 15.86 percent. As of 31 March 2016, the major shareholders were:
It was a private company until 2011, so published figures were not generally available before the initial public offering prospectus of 12 September 2011. Since then, full Annual Reports and Financial Statements have been published each year.
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Precision Air
Precision Air Services Plc (operating as Precision Air; DSE:PAL) is a Tanzanian airline based at Julius Nyerere International Airport in Dar es Salaam. The airline operates scheduled passenger services to Nairobi and Comoros; and to various airports and airstrips in Tanzania. Kenya Airways owns 41.23% of the airline, and is a component company of the Tanzania All Share Index.
It is currently banned from flying into the EU
Precision Air was incorporated in Tanzania in January 1991 as a private airline and started operations in 1993. At first, it operated as a private charter air transport company but in November 1993 changed to offer scheduled services to serve the growing tourist market. It introduced a 737-300 courtesy of Kenya Airways in 1999. [clarification needed]
In 2006, Precision Air became the first Tanzanian airline to pass the IATA Operational Safety Audit.
In April 2011, the airline became a public company.
Precision Air was privately owned until 2003, when Kenya Airways acquired a 49 percent stake, paying US$2 million, weeks after its rival South African Airways acquired a 49 percent stake in Air Tanzania for US$20 million. The remaining 51 percent was retained by Michael Shirima, the founder of the airline.
In October 2011, Precision Air floated shares in its stock in an initial public offering on the Dar es Salaam Stock Exchange, after which Shirima's and Kenya Airways's stakes declined and the new share subscribers owned 15.86 percent. As of 31 March 2016, the major shareholders were:
It was a private company until 2011, so published figures were not generally available before the initial public offering prospectus of 12 September 2011. Since then, full Annual Reports and Financial Statements have been published each year.