Fastjet sell Fly540 Ghana

Fastjet has announced that it has signed an agreement to dispose of its interest held by the Company and fastjet Air Limited, a wholly owned subsidiary of fastjet (together the Sellers), in airline Fly 540 Ghana Limited (Fly 540 Ghana), the loss-making investment it had previously acquired from
Lonrho Aviation in July 2012. 

This is in line with the Company’s previously announced strategy to exit from certain
territories operated before the establishment of the fastjet brand in Tanzania and elsewhere.  
Fastjet plc LON:FJET CEO Ed Winter said: “The disposal of Fly540 Ghana is a great step forward in fastjet’s restructuring plans for our legacy businesses. Whilst West Africa remains of interest to us as a low-cost market in the future, our current focus is on expanding our footprint in Eastern and Southern Africa. fastjet has retained the right to discuss the introduction of the fastjet brand in West Africa when it considers the economic conditions and infrastructural environment to be more favourable.”

Operations in Ghana were suspended in May 2014 and since that time the Company has been exploring opportunities to restructure or dispose of this loss-making business. Upon completion of this agreement (which was unconditional and simultaneous with signing) Fly 540 Ghana was removed from the fastjet Group.