Sol Air braces for $100m take off

Sol Air braces for $100m take off
Published: 15 June 2018
LOCAL airline Sol Air has clinched a deal with Hong Kong investor YAYA Sun which is set to inject more than US$100 million into the business. The new investment will allow the airline to introduce domestic and regional flights.

Sol Air managing director Nkosilathi Sibanda said there is a lot of hope for Zimbabwe and even foreign investors are showing renewed interest in investing in the country.

He said the financiers are coming into the country on June 22 to do a due diligence on the company because their intention is to commence services soon after the election.

"So if we do the due diligence successfully, we will possibly start paperwork as soon as the end of this month. This is also to ensure that the issue of the aircraft and everything will be dealt with by the Civil Aviation Authority (Caaz) and they begin to come into the country maybe in the last two weeks of August for the commencement of services," said Sibanda.

He indicated that there are a lot of things that need to be renewed, "for instance the International Air Transport Association membership which lapsed  because we were supposed to pay between US$8 000 to US$10 000 per year while we were not operating so all that needs to be renewed. It will take me about six weeks to have all that sorted.

"We are going to pay US$40 000. To us it was pointless to pay while not operating," said Sibanda.

"There is also money due to the government and Caaz we owe about US$20 000 which is US$10 000 each. I want to clear all at the end of the July and I have already started the process. The reason why we have to, especially with Caaz, is that they service the aircraft and inspect them. They are supposed to clear the aircraft as a requirement and thereafter we can then commence services."

Sibanda owns 75% of Sol Air through the Anderson Family Trust.
- the standard
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