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Friday 28 September 2018

FASTJET FLAGS DWINDLING CASH RESOURCES, MAY END TANZANIA OPERATIONS


African airline Fastjet Plc said on Wednesday its available cash resources were minimal and that it was in talks with major shareholders regarding potential fundraising, sending shares down more than 30 per cent.

The company also said it was evaluating its Tanzanian operations and could cease operations in that country.

Fastjet said that changes in the competitive landscape in Tanzania, and the impact on the “Tanzanian airline and local company have been significant”.

“Additional funding will be required by the end of October to enable Fastjet to continue operating”, the company said in Wednesday’s statement.

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