Precision Air is currently headquartered in Dar es Salaam- the commercial city of the United Republic of Tanzania. The airline’s main services include; scheduled flights, chartered and cargo air services which are growing at an impressive rate. In May 2009, Tanzania Civil Aviation Authority (TCAA) granted the company a self-handling license and ground handling operations started at the beginning of November. The airline is seeking a third party ground handling license from TCAA.
The most significant turnaround of the airline came in 2003 when Kenya Airways acquired a minority 49% shareholding leaving majority 51% shares in the control of one local Tanzanian businessman. Since then, Precision Air has literally turned its image into a professionally run modern regional airline.
On the 21st December 2011 Precision Air made history by being the first airline in Tanzania to list on Dar es Salaam Stock Exchange with a total of 7,056 (Seven thousand fifty six) investors who took part in the Initial Public Offering in November 2011.
The airline raised Tshs. 12 billion (i.e. subscribed by 43.18%) most of which were taken up by Tanzanian nationals both retail investors and corporate entities as intended by the company.
The 7,056 new shareholders have therefore taken a stake of 16% in the company. This now means 58% of the company is owned by Tanzanians, 41% Kenya Airways and 1% by other nationals. The anchor share holders, being Kenya Airways and local Tanzanian businessman.
However, the airline also works closely with a number of companies and has code-share agreements with over ten reputable airlines worldwide
In 2006, the airline embarked on a fleet modernization program that saw it sign a contract with ATR of France to deliver seven brand new state-of-the-art aircraft. The last of the seven aircraft arrived in September 2010.
In 2012 Precision Air embarked on another fleet modernization program which saw Precision Air become the first airline in the world to operate ATR 42-600. The program is still underway and four more ATR-600 series are to be delivered.
The current fleet consists of, Five 70 seater ATR 72-500, Three 48 seater ATR 42-500 and 1 48 seater ATR 42-600.