Fastjet restructuring of Angolan and Ghanaian airline operations now under way
African low-cost operator Fastjet confirmed on Tuesday that it was to restructure two of its traditional airline model Fly540 businesses – those in Angola and Ghana. These are loss-making and the aim of the restructuring will be to increase shareholder value.
“Management has been carefully considering how best to restructure the Fly540 business, which we inherited, and this is a highly significant and very positive development in that process,” said Fastjet interim chairman and CEO Ed Winter. Two twin-turboprop ATR regional airliners owned by the company and operated in Angola and Ghana have been taken out of service and will be sold.
This has resulted in the temporary suspension of operations in Angola, pending the return to service of two leased aircraft, currently undergoing maintenance. Operations continue in Ghana with one leased aircraft.
“We are currently focused on expanding the low-cost fastjet network in East and Southern Africa by establishing bases in Zambia, Kenya and South Africa and these plans are progressing well,” he reported. “However, our overall vision is to create a pan-African low-cost network and, as such, launching the low-cost fastjet model in both Angola and Ghana remains firmly part of the company’s long-term plans.”
Angola and Ghana are seen by Fastjet as very significant opportunities, for its low-cost carrier model, in the long-term. The company will announce more details about the restructuring of its Fly540 operations in the two West African countries in due time.
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