Investor plans to revive 1time

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According to Fin24, a group of Pakistani investors living in South Africa has offered R15m 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 to Harare, said a report in Business Day.

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 have established retail, financial services and manufacturing businesses in several African countries and are headquartered in Sandton, Johannesburg.

Pak Africa had initially wanted to buy what remained of 1time, but with debt of more than R450 million and two dated aircraft, the idea was abandoned.