Dhaka, Bangladesh (BBN)-Bangladesh’s United Airways is to sell off BDT4 billion (USD50.88 million) worth of shares to a trio of local and foreign firms in a bid to raise enough funds to resume operations.
The Bangladesh Securities and Exchange Commission issued its consent to the transaction which saw Bangladesh’s TAC Aviation along with Singaporean firms Swift AirCargo (Singapore Changi) and Phoenix Aircraft Leasing Pte Ltd acquire 400 million ordinary shares valued at BDT10 (USD0.127) each, reports the ch-aviation.
United Airways has not operated any flights since March this year owing to a dearth of serviceable aircraft.
Prior to its grounding, United operated three ATR72-200s, one Dash 8-100, and five MD-83s (one of which was leased from TAC Airlines (Dhaka) on regular passenger flights through Bangladesh.
It also has rights to serve Dubai Int’l, Kuala Lumpur Int’l, Kathmandu, Kolkata, Jeddah, Bangkok Suvarnabhumi, Muscat, and Singapore Changi.