Fly Modern Ark eyes Air Zimbabwe stake

FLY Modern Ark has
submitted a proposal to the
Zimbabwean government
to buy a 25% share in Air
Zimbabwe, founder Theunis
Crous told TNW. The move
would result in an injection
of US$220m (R2,72bn) in
new assets for the airline.
Fly Modern Ark’s proposal
comes as the new
Zimbabwe government has
invited bids for stakes in
up to eight loss-making
state-owned enterprises,
including Air Zimbabwe.
Under the deal, US$193m
(R2,38bn) will be used to
acquire aircraft, US$16,1m
(R199m) will be used for
training and support, and
US$10,9m (R135m) will be
used on operations, safety
and marketing.
Fly Modern Ark has been
contemplating domestic
routes in South Africa since
last July (see TNW, July 25),
although flights have yet
to launch. With 12 aircraft,
the airline said it wanted to
offer affordable fares to the
South African public, flying
from secondary airports
such as Graaff-Reinet and
Ladysmith, as well as from
rural areas.
According to Theunis, Fly
Modern Ark is still planning
to operate routes in South
Africa, but as a feeder
airline to Air Zimbabwe.