9.25 AM Tuesday, 26 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:52 06:05 12:13 15:36 18:15 19:28
26 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 40 °

Silver Air to expand its fleet, unveils IPO plan

The airline currently operates four Boeing aircraft. (SUPPLIED)

By Nina Varghese

Silver Air, the Dubai-based private charter company, plans to expand its fleet with three additional Boeing aircraft, according to the company's top executive.

"This acquisition would be funded by an initial public offering (IPO) in two to three years time with a listing in Dubai," Steffen Harpoth, Chief Executive of Silver Air, told Emirates Business.

"The timeframe for the IPO is when market conditions are right from a company and market perspective. I believe this will be in two to three years years' time."

The ACMI (aircraft, crew, maintenance and insurance) or wet lease company, which currently operates two Boeing 737-200 and two 737-300 aircraft, plans to expand its fleet with another three Boeing 737-700 or 737-800 series.

Harpoth said: "The current financial crisis has impacted the airlines and there may be 'good deals' to make for people who wish to acquire aircraft."

"We have not placed orders for more aircraft. We wish to ensure that the operation of the four aircraft we have, is effective, and when this has been achieved, which is expected in a few months, we will acquire additional aircraft," he added.

The airline, which is promoted by Dr Hamand Al Shamiz, Sheahab Gargash and Damac Investments, recently received a fund infusion of $4 million to finance company operations and aircraft acquisition.

"This is a very capital intensive activity. Of course, we need additional funds and we will get them from the current owners and the new owners, when we increase our shareholder base," Harpoth said about further investments.