Fastjet secures $10mn in funding; moves to acquire FedAir

Fastjet Group has set its sights on entering the South African market in 2019 after having secured approximately USD10 million dollars worth of fresh capital.

Following a warning to shareholders last week that it was facing a catastrophic funding crisis, the African low-fare carrier group said on Friday, June 29, that it had now successfully placed 66,495,310 new ordinary shares, priced at GBP0.08 (USD0.11) per share, to raise GBP5.3 million pounds (USD7 million). It also reached a deal with its largest singular shareholder, Solenta Aviation Group, wherein the South African ACMI/charter specialist subscribed to 28,924,538 new ordinary shares raising gross proceeds of GBP2.3 million (USD3 million).

With Solenta Aviation Group’s increase in shareholding, the CEO of Solenta Aviation, Mark Hurst, will join Fastjet’s board as a Non-Executive Director where he will be working closely with CEO, Nico Bezuidenhout, on an ongoing basis. A Zimbabwean, Hurst will also be responsible for the country management of Fastjet’s Zimbabwe and Mozambique operations.

By courtesy of CH-Aviation

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