SkyWise's fundraising plans cancelled
SkyWise's funraising plans have been set back by the South African Financial Services Board (FSB) deemed the carrier's share sell off plans as irregular, ch-aviation reports.
SkyWise announced plans in December to raise ZAR150 million (USD9.2 million) through selling a 50% stake.
The FSB has stepped in to say the sale does not comply with the country’s Companies Act as investors were asked to pay up front without seeing the company’s share prospectus.
The share sale has been dropped, but SkyWise plan to raise money through other routes.
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