Wednesday, June 5, 2013

► COTE D'IVOIRE: Air Cote d'Ivoire to acquire two Q400s as Aga Khan Fund moves to divest.

Air Cote d'IvoireAérienne de Participation-Côte d'Ivoire, the holding company for the Aga Khan Fund for Economic Development (AKFED), has announced that it is to sell off its 15% shareholding in Ivorian carrier, Air Cote d’Ivoire (HF). The move comes as Air Cote d’Ivoire is planning to boost its capital base from USD4.92million (XAF2.5billion) to USD49.2million (XAF25billion) effective today, Wednesday June 5.

Air Cote d'Ivoire's route map
Air Cote d'Ivoire's route map (ACI)
According to Bloomberg, airline General Director, Rene Decurey, confirmed the Aga Khan pull out with its shareholding set to be offloaded to another undisclosed investor.

AKFED currently has shareholdings in Air Burkina (2J), Air Mali (I5) and Air Uganda (U7).

As part of its expansion plans, Air Cote d’Ivoire is to use USD40million to buy two Bombardier Q400 turboprops to launch their long delayed domestic network by November. It will also acquire another Airbus A319 (MSN 1018 | HB-IPR), its first self-owned equipment, by September to expand its regional route network.

The Ivorian carrier is majority owned by the Government of the Ivory Coast (65%) with Air France/KLM holding a minority 20% stake. It currently operates two A319s and an Embraer 170 on flights throughout West and Central Africa.