Tanzanian largest Airline Precision Air plans to offer its shares to the public throuhgt Initial public offer{IPO} at 8 december 2011.According to the Managing Director Mr Alfonse Kioko the IPO targets at raising between $25million and $30million which the the company want to use in it axpansion plan and acquiring more to meet it increasing customers.
Precision Air is owned by it rival Kenya Airways and Tanzanian bussines man Mr Michael Shirima with 49%and 51% stake respectively.both share holders have agreed to dilute their stake to 34.2% and 34.6% .Tanzanians have been allowed to buy 51%while the rest wiill be offered the East African members.Tanzanians had been accused by kenyans that they placed allot of reguirement for them before being allowed to acquire shares at Dar es Saalam Stock Exchange,but this time Tanzanians have welcomed the spirit of East Africa
