Kenya Airways to increase stake in Precision Air

Kenya Airways is set to increase its stake in Tanzanian carrier Precision Air to 49%, pending regulatory approval of a proposed $10 million cash injection. Precision Air has struggled after a failed IPO on the Dar es Salaam stock exchange in early 2012, combined with high costs attributed to fuel prices and a volatile Tanzanian Shilling. Kenya Airways has stated that the conditions for the cash injection include Precision Air either selling outright or sell-and-leasing back five of its aircraft (two ATR42-500s, two ATR42-600s, and five ATR72-500s); laying-off more than a fifth of its staff and committing to further financial