Taifa Aviation acquires 51% stake in Coastal Travels
Already owner of Taifa Aviation, Tanzanian businessman Rostam Aziz is strengthening his presence in the aviation market by becoming a majority shareholder in Coastal Travels.
Coastal Travels is no longer the exclusive subsidiary of Coastal Aviation, the company of Italian-American Carolina Colangelo. Since 1 September 2022, the air safari company has been partly owned by Taifa Aviation. The company of Tanzanian businessman Rostam Aziz has acquired 51% of its shares, reports The Citizen. The Tanzanian news website adds that Mr Aziz is also reportedly aiming to buy the remaining 49% of Coastal Aviation's shares.
Contacted by The Citizen, the new majority shareholder, who has also invested in telecommunications, energy and mining among others, confirmed the information, promising to provide more details later. "We have not yet talked about new investments and expansion with the new investor, but we will certainly become bigger. We want to become the market leader in the general aviation sector," said Coastal Travels CEO Maynard Mkumbwa, who has remained in his position with his team, according to ch-aviation.
To this end, the company plans to expand and diversify its fleet by purchasing larger aircraft. Currently, it operates 10 Cessna Grand Caravan C208Bs and four Pilatus PC-12/45s, serving more than 40 destinations. The private flag carries an average of 120,000 passengers per year, compared to 200,000 before the COVID-19 pandemic.
According to the Tanzania Civil Aviation Authority (TCAA), it is the 4th largest operator in the country, with only 3% of the domestic market share in 2021. Air Tanzania is the leader with 52.9%, ahead of Precision Air (22.8%) and Auric Air (10.3%). Salaam Air is 5th with 2.8%, while the other airlines shared the remaining 8.6%.
