In an attempt to revive its fortunes, South Africa’s struggling low cost airline, 1time, on Thursday said it had acquired Global Airways, a British Virgin Island airline business offering low cost insured and fully-crewed aircraft, for R21.6 million ($2m).

The struggling 1time believes this acquisition will allow it to once again return to business and profitability.

The low-cost carrier was recently liquidated and it entered a business rescue process after it became evident that it was financially troubled due to tough economic and operating conditions in its markets.

“Global Airways brings with it years of experience and is the holder of a valid Airline Operators Certificate for both scheduled and non-scheduled flights,”1time said.

Global Airways is also involved in the refurbishment, leasing, maintenance and chartering of aircraft. It was launched in three years ago. It is an international operation.

Before its financial woes began, 1time at some point dominated South Africa’s aviation scene as the country’s fastest-growing low-cost airline.

At the time, it had about 15 percent of the domestic market share, with more than two million commuters each year.

The carrier was voted Africa’s best low cost air carrier for three successive years from 2008 to 2010.

Safs Narker, a Cape Town-based equity analyst, told Ventures Africa he “had no idea” if a struggling company could revive its fortunes by making an acquisition.