FastJet raises US$25million for African expansion

Fastjet Fastjet

It is reported that FastJet will raise 15 million pounds (US$25 million) from share sales to help fund its African expansion, with EasyJet founder Stelios Haji-Ioannou injecting cash in a deal giving him 10 percent of the business.

FastJet, which has been flying for 16 months, plans to to establish a base in Lusaka in Zambia before the end of this year, adding to its sole hub in Dar es Salaam, Tanzania.

FastJet is exploring options to add to its fleet of three leased Airbus Group NV A319 short-haul planes to provide capacity at new bases and more seats in Dar es Salaam. It is also negotiating a commercial agreement with Dubai-based Emirates which will allow its tickets to be sold through the larger carrier’s booking system, providing onward flights from the Gulf to destinations such as Kilimanjaro.

Planes may also be based in Johannesburg, the carrier’s initial international destination, which it began serving in October.