Article Archive46714

A new long haul, low-cost UK airline, seeking to capitalize on the presence of a strong migrant population residing in the UK that likes to travel to the Indian sub-continent in order to maintain family and country ties, is likely to begin operations in summer 2007. The start-up, Air Sylhet, will initially fly direct to Asian and Middle Eastern destinations, and expand operations in subsequent stages.

With a population of 2.3 million people from the Indian subcontinent living in the UK, the idea may appear to have something to recommend it. Most people flying to the Indian subcontinent often complain about the service provided by the National Airlines. The complaints have gone largly ignored... This may start to change as the competition opens up.

Air Sylhet, a London-based business created by four British businessmen, will initially focus on providing scheduled services from London-Stansted, Birmingham and Manchester to Dhaka, Jeddah, Dubai, Islamabad and Delhi. Other planned destinations in Asia and the US will include Mumbai, Amritsar, Karachi, Riyadh, Abu Dhabi and New York, as it expands operations with a fleet of ten aircraft by the end of the second year.

Air Sylhet intends to raise initial finance through a public offering of shares which will cover start-up and operating expenses, including aircraft lease, crewing, administration, landing and route fees, regulatory costs, maintenance and fuel. According to plan, the company will list on AIM in 2008.

Ten million shares are being offered to private investors at 1 each.

There has been a lot of interest in the shares amongst the UK Asian community.

Mujibur Rahman is an administrator of the Mango Forum http://www.mangoforum.com

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# posted by satellite25744 : 6:08 PM