The news follows the airline’s recent move of its head office from Gatwick Airport south of London to Johannesburg with the aim to use South Africa as a hub.
The news comes at a time that the battling South African Aircraze (SAA) is cutting regional routes to make end meet amid yet another government bailout worth billions.
Reuters reported from London this morning (Friday, 29 September 2017) that the budget airline intends to raise $44 million to fund its expansion plans in South Africa and Mozambique. The airline, now run by former South African LLC Mango Airlines’ CEO Nico Bezuidenhout, plans an accelerated bookbuild to raise gross cash proceeds of $28 million and would sell 60 million shares to Solenta Aviation Holdings Limited to raise $16.2 million.
Fastjet shares were up 1.1 percent at 21.55 pence at 0842 GMT.
Tourism Update reports Fastjet will lease three ATR 72-600 aircraft with an option to purchase as part of its expansion plans.
Fastjet started flight operations in Tanzania at the end of 2012 with Tanzanian domestic routes from its Dar es Salaam base to Kilimanjaro, Mbeya, and Mwanza, and international routes from Tanzania to Lusaka in Zambia and Harare in Zimbabawe.