FASTJET has received a
cash injection of roughly
$10 million (R137m)
and has started the process
of acquiring Federal Airlines.
It hopes to launch domestic
services in South Africa by
the end of next year.
In the company’s final
results statement for the
year ending December 31,
2017, Nico Bezuidenhout,
fastjet ceo, said the
company approach its
principal shareholders in
the weeks leading up to
the approval of its financial
statements. “I am delighted
to say that that they have
provided non-binding
indications of interest to
participate in a further
fundraising of not less than
$10 million.”
Some of this funding
comes from the purchase
by Solenta Aviation Holdings
Limited of additional Fastjet
PLC shares,
The statement further says
that fastjet has commenced
the process of exercising
its option to acquire Federal
Airlines subject to all
necessary approvals.
A brand licence agreement
with Federal Airlines was
implemented last year,
which saw fastjet gain
access to a South African
Airline Operating Certificate
with a view to commencing
fastjet-branded services in
South Africa no later than
early 2019, the statement
says.
Fastjet to launch domestic services by 2019
22 Aug 2018 - by Tessa Reed
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