Fastjet to go private to survive crisis

Low-cost carrier Fastjet is to de-list from the AIM market and will re-register as a private company in a last-ditch bid to survive. This follows a demand from its major shareholder – Solenta Holdings – to withdraw from the AIM market otherwise there would be no more financial support available.

The airline, which started flights in 2012, has been struggling with losses and, while it has retreated from markets including Tanzania and Mozambique, it has been facing continuing pressures – including the coronavirus crisis – affecting its remaining services in Zimbabwe and South Africa.

Fastjet confirmed it would re-register as a private limited company by 15 September. It said that without Solenta’s support the airline would cease to exist by the end of August.

Shareholders voted with 96% support de-list.

(africanaerospace)

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