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MMillionair Charter Limited - Company Press Release
MILLIONAIR CHARTER LIMITED
(Registration number 1993/000092/06)
Incorporated in the Republic of South Africa
("Millionair" or "the Company")
Share Code: MLL ISIN Number: ZAE000017810
MILLION AIR TO ACQUIRE REMAINING 50% OF SUNAIR
Million Air Charter has reached in-principle agreement with AirQuarius Contracts
to acquire its 50% stake in SunAir at no cost to the company, which already
holds the other 50% of the airline.
Million Air is currently in negotiations with several potential investors to
invest into the holding company. "We are specifically looking for a black
empowerment investor as a partner to add value to the group," explains Million
Air executive director Johan Botha. "We want a strategic partner with
enthusiasm for facilitating the expansion of SunAir. It`s a great opportunity
for the right investor to get into an industry that normally has prohibitively
high barriers to entry and we are in discussion with several interested
parties," he says.
Botha further says that SunAir`s projections are on track and Million Air
remains committed to the airline. "Since its launch as an executive scheduled
service between Lanseria and Cape Town in March 2002, the growth in its
passenger load has steadily increased and, for December and January, a record
65% load factor is projected," says Botha. "In terms of revenue, December has
been our best month, with January was even better".
Botha says the Cricket World Cup has boosted the outlook for SunAir in February,
and that bookings for March and April are also good. The airline is trading
ahead of budget and is expected to break even during the second quarter of 2003.
"We believe SunAir has succeeded in overcoming psychological barriers, both
among travel agencies and in the corporate world, and is picking up business
from both.
"With the injection of new capital, we plan to increase the frequency of
scheduled flights on the Lanseria-Cape Town route, as well as expand SunAir`s
services to the Lanseria-Durban route, and possibly even the Durban-Cape Town
route," he says.
Million Air is currently trading under a cautionary announcement on the JSE
Securities Exchange.
Ends
ISSUED FOR: Million Air Charter Limited
CONTACT : JOHAN BOTHA Tel: 011 701 3627 Cell: 082 651 2683
FAX NO : (011) 701 3809
E-MAIL : Headoffice @millionair.co.za
WEBSITE : www.millionaire.co.za
ISSUED BY : TISH STEWART PR ASSOCIATES
CONTACT : Tish Stewart (011) 325 4195 Cell: 082 443 6399
FAX NO : (011) 325 4199
E-MAIL : tish@tspr.co.za
DATE : 03 February 2003
Date: 03/02/2003 05:09:00 PM Produced by the JSE SENS Department
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