Mocambique Expresso to fund expansion through equity sale

Johannesburg
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Mocambique Expresso is looking to sell some of its equity to fund its growth strategy and further cooperation, according to chief executive Antonio de Oliveira Neves.

Speaking to Flightglobal at Embraer's Airline Business Seminar Africa, he said that the LAM Mozambique subsidiary is already talking to airlines about a possible deal.

He added that the equity sale had been intended for some time, but the Maputo-based domestic and regional operator had been waiting until after it acquired two further Embraer ERJ 145s before proceeding.

Neves says that the two new aircraft - due to arrive in February and March 2013 - will be operated on domestic routes in Mozambique as well as used to further Mocambique Expresso's regional expansion into neighbouring countries, such as Tanzania.