Togo: State Joins Asky’s Shareholding with CFA6 Billion Investment

Investments

Tuesday, 22 August 2023 17:33

Togo: State Joins Asky’s Shareholding with CFA6 Billion Investment

(Togo First) - The Togolese State has joined the shareholding of Lomé-based pan-African airlines Asky. It has bought 600,000 shares or 14.39% of the group with about CFA6 billion.

The deal was signed on August 21, 2023, by the Togolese Minister of Finance, Sani Yaya, and Asky’s founder, Gervais Djondo. Several Togolese officials and representatives from partnering institutions, including Serge Ekue (of the West African Development Bank or BOAD) and George Agyekum Donkor (of the ECOWAS Bank for Investment and Development–EBID), were present.

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"We are firmly convinced that this acquisition of a stake of 6 billion CFA francs, or 14.39% of ASKY's share capital by the State, will undoubtedly contribute to the financial and operational consolidation of this airline, to which the Head of State and the Government are paying the utmost attention," said Sani Yaya.

Besides supporting the airlines, the move aligns with Togo’s ambition to become a regional logistics hub. An ambition that Asky has greatly contributed to in recent years.

"For the Government, taking a stake in ASKY's capital is, therefore, more than just a financial investment. For the State, it is a strategic investment in line with its policy of integrating the sub-region and opening up our country to the rest of the world," said Minister Yaya.

Founded in 2008, Asky Airlines currently has a fleet of 13 airplanes–nine new Boeings 737-800, and four Boeings 737-700. From Lomé, it serves 26 cities in 24 African countries. About two years ago, amidst the Covid crisis, the carrier, with the support of Ethiopian Airlines, its strategic partner, revealed an ambition to double its capital, from CFA35.69 billion to CFA60 billion.

Year-on-year, Asky’s passenger traffic at the Lomé Airport soared by 35.7% in the first quarter of 2023.

Ayi Renaud Dossavi

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