Tunisia’s Syphax Airlines to launch on stock exchange

23 April 2013

Flotation to support new Tunisian airline’s growth ambitions

Tunisia’s first privately owned airline, Syphax Airlines, has secured approval to launch an initial public offering (IPO) on the Alternative Investment Market on the Tunis Stock Exchange.

Tunisia’s Financial Market Council has agreed to the IPO, which will involve the issuing of 2.5 million new shares for cash at a price of 10 dinars a share. The subscription will be open between 30 April and 20 May 2013.

The airline is looking to raise its current capital of 12.5 million Tunisian dinars ($7.79m) to 27.5 million dinars ($17.13m).

According to Frikha Mohamed, president and chief executive officer of the airline, the IPO will give the company vital access to the capital markets, providing it with the necessary resources to expand the company’s network and boost its profitability.

The airline is looking to support regional transport needs in Tunisia, as well as developing more long-haul flights to destinations such as China, Canada, Japan, and US.

The airline is almost a year old having launched its first flight in late April 2012. It operates from Sfax Thyna airport in the south of Tunisia, as well as from Tunis-Carthage airport and Djerba.

Currently, it flies to Paris and Marseille in France, Tripoli and Sebha in Libya, Istanbul in Turkey and a newly launched route to Casablanca in Morocco.

It has a fleet of two Airbus A319s, but has six further A320 aircraft on order.

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