AviancaTaca in share issue for expansion
AviancaTaca, the merged entity from two of Latin America's largest airlines, said Monday it would issue $250 million in preferred shares to raise money for expansion.
The shares will be listed on the Colombian stock exchange through April 15.
'The main drivers for the initial private offering for AviancaTaca Holding S.A. are the excellent results obtained from the combined operation, as well as the potential growth for the integrated business,' the company said. 'The proceeds from the IPO will be used for corporate expansion plans of the holding company, as well as their subsidiaries.'
Avianca and Taca merged in February 2010 to become the largest single airline in Latin America. The airline estimates its market share at 50 percent. It has a fleet of 142 aircraft, operating out of hubs in Bogota, Lima, San Salvador, and San Jose.
AviancaTaca in share issue for expansion
