The Acting Chairman of Pilbara Airlines, Mr Khoi Vo, announced today that stage 3 of the project plan for Pilbara Airlines was nearly complete, being the finalisation of the variation of the AOC manuals for Airbus A320 operations for submission to the Civil Aviation Safety Authority (CASA).
The first stage of the project was to raise $2 million in working capital and the second stage was to appoint the project team of aviation experts to create the foundations of the airline. Stage 1 and 2 were completed in 2019.
Mr Vo said that 70% of the manuals had been completed and submitted to the Civil Aviation Safety Authority, and the remaining manuals are being finalised for submission.
Mr Vo also announced the commencement of stage 4, which was to raise the airline’s capital and loan funding requirements. Pilbara Airlines will require equity of USD $25 million (AUD $38 million) and infrastructure loan funding of USD $32 million (AUD $49 million) over the next 3 years.
Mr Vo said that the airline was currently negotiating with a number of overseas venture capital firms for the first tranche of funding and was meeting with lessors to finalise the lease of two Airbus A320 aircraft. The airline was also in negotiations with a number of local investors and corporations and an announcement was imminent.
Mr Vo said that expert advice had indicated the airline should not seek an immediate listing on the ASX, but should wait until it had three years of audited accounts before seeking public funding.
As Pilbara Airlines will be based in the Pilbara our local north west residents, workers and businesses will be given first option to own a portion of the share capital of the airline. Mr Vo said to facilitate this, the airline is considering a crowd funding facility for our local people in 2020 prior to the listing of the company on the stock exchange.