Fastjet hope­ful of fund­ing

The Star Early Edition - - BUSINESS NEWS -

BUD­GET air­line, fastjet, ex­pected to se­cure fund­ing for its op­er­a­tions early next year, it said on Fri­day, and that it had re­ceived per­mits to op­er­ate flights in Zam­bia. It also said it had agreed to sell a stake in its Tan­za­nian air­line fastjet Tan­za­nia to lo­cal share­hold­ers by is­su­ing shares to a hold­ing company con­trolled by four Tan­za­nian in­vestors. The shares are to be held in the hold­ing company, called fastjet In­ter­na­tional, pend­ing their sale to lo­cal in­vestors at a price and time to be de­cided by fastjet. The agree­ment is part of fastjet’s strat­egy of op­er­at­ing air­line com­pa­nies in African coun­tries that are partly owned by lo­cal in­vestors. Fastjet said it was in talks with po­ten­tial in­vestors, in­clud­ing in­dus­try part­ners and spe­cial­ist African in­vestors, for the fund­ing. – Reuters

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