Fastjet to raise cash to fund South Africa, Mozambique growth

29th September 2017 By: Reuters

African budget airline Fastjet Plc said on Friday it would raise not less than $44 million, in part through a placing, to fund expansion in South Africa and Mozambique.

Fastjet 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.

The company also said that it had entered into a brand licence agreement with privately-held Federal Airlines and Solenta Aviation Mozambique Ltd.

Fastjet shares were up 1.1 percent at 21.55 pence at 0842 GMT.