Togolese government has secured a minority stake of 14.39% in the country’s largest carrier, ASKY Airlines. This strategic acquisition, valued at around 6 billion CFA francs (around nine million USD), marks a new chapter in the airline’s growth trajectory. The agreement was formalized through the signing ceremony held on August 21 in Lomé, attended by prominent stakeholders including Minister of Economy and Finance, Sani Yaya, and ASKY founder Gervais Djondo.
The event was graced by esteemed figures such as Ethiopian Airlines Chief Executive Officer Mesfin Tasew Bekele, ECOWAS Bank for Investment (BIDC) president and chairman George Agyekum Donkor, and West African Development Bank (BOAD) president Serge Ekué, along with representatives of other key shareholders. ASKY Airlines boasts a diverse group of stakeholders, including Ecobank, South Africa’s Sakhumnotho Group Holding, and private investors from West and Central Africa.
ASKY’s pivotal role as a regional connector aligns with Togo’s vision to become a pivotal logistics hub, facilitating integration and global outreach. Minister Yaya emphasized that this investment transcends mere financial involvement; it signifies a strategic move in line with the government’s policy to propel the nation into the international arena.
“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,” Minister Yaya affirmed.
ASKY et le l’Etat Togolais concluent un accord pour un apport au capital de la Compagnie Aérienne Panafricaine ce lundi 21 août 2023. pic.twitter.com/v1MAJoLop5
— ASKY (@ASKY_airlines) August 21, 2023
Ethiopian Airlines CEO Mesfin Tasew Bekele and ASKY CEO Esayas Woldemariam Hailu echoed their enthusiasm for the government’s investment, emphasizing its potential to inject crucial funding into ASKY’s ambitious undertakings. The move also aligns with ASKY’s ongoing collaboration with Ethiopian Airlines to establish a joint cargo venture.
This momentous development follows ASKY Airlines’ recent acquisition of its first Boeing 737-8 MAX aircraft. The aircraft, leased from AerCap, was delivered on August 22, 2023, marking a significant milestone in ASKY’s fleet expansion strategy.
The newly delivered B737-8 aircraft joins ASKY Airlines’ fleet, which already includes B737-700s and -800s. The aircraft registered as ET-BAR wad delivered directly from Addis Ababa International to Lomé after a pre-delivery maintenance. The airline awaits the delivery of sistership VP-CZS (msn 60704), which remains in maintenance at Addis Ababa airport. It is expected in the coming weeks, reports CH-AVIATION.
The acquisition of the Togolese government’s stake was the culmination of discussions that began earlier this year and signals a new phase in ASKY’s journey.