Aviation group 1time this morning moved its listing from the AltX (Alternative Exchange) to the Johannesburg Stock Exchange’s (JSE) main board. Its shares rose 3.81% after the move.
The company says in a statement the new listing will attract greater shareholder interest. The share price closed at R1.05 on Friday and was sitting at R1.09 at 12.44pm on Monday, Business Day noted. The group said the listing transfer would also enable it to be measured against airline competitors.
1time — consisting of an airline, a charter group and a maintenance company — listed on the AltX on August 14, 2007.
“The group is planning to operate from Lanseria Airport in Johannesburg when that airport’s five year exclusive use agreement with kulula.com ends in March 2011, and its maintenance company, Safair Technical is looking to exploit growth opportunities,” group CEO Glenn Orsmond, one of the five original founders of 1time, said. He said the group had come a long way since it first opened for business.
“In January 2004 we opened ticket sales for flights between Johannesburg and Cape Town, operating one aircraft and since then, we have grown our fleet to 12 aircraft, operating over 1200 flights a month, and expect to carry close to two million passengers this year.”
The 1time group was one of the AltX top performers in 2009 and at the end of June 2010 had a market capitalisation of R225 million. Russell Loubser, JSE CEO, said that 1time’s transfer to the JSE main board was another indication that the AltX was fulfilling its purpose. “It is a board where smaller companies are given an opportunity to grow and a feeder for our main board.”