image

Fastjet has received a cash injection of roughly $10 million and has started the process of acquiring Federal Airlines and 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 approached 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 fundraise of not less than $10 million.”

Some of this funding comes from the purchase by Solenta Aviation Holdings Limited of additional Fastjet PLC shares, said Mark Hurst, Solenta Group CEO.

The statement 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.

Source: tourismupdate.co.za