The African low-cost airline Fastjet is on the verge of going bust and has warned shareholders it will cease trading on Friday unless it can raise more money urgently.
The airline, which started operating in 2012with the backing of easyJet’s founder, Sir Stelios Haji-Ioannou, is in discussions with major shareholders to raise more funds but admitted it had no assurance of a positive outcome.
The London Stock Exchange-listed compnay said it “had continued to consume cash”, and from $7.5m (£5.7m) a month ago it now had just $3.3m in its reserves – more than half of which is locked up in Zimbabwe.
In a notice to investors, Fastjet said it was “at risk of not being able to continue trading as a going concern”.
Fastjet launched in Tanzania with an ambition to become a pan-African low-cost carrier, but it has struggled throughout with problems including the continent’s banking infrastructure, overambitious plane orders and office costs.
There goes affordable tickets.
Yeap.tumefika patamu.
Watapata tabuuuu.
Wataondoka wenyewe
Mamae, Tanzania ya Vibanda
Tuko kwenye right track!!
Yajayo yanapendeza…
Tatizo hapa si Tanzania ni Zimbabwe. Inaonekana fastjet operations kwa Zimbabwe zinakula pesa tu bila kuingiza pesa za maana.
Nawaombea wasife hawa jamaa. ATCL na Precision Air bila Fasjet itafanya wasafiri wapate tabu sana
wafunge biashara zimbabwe, wa focus TZ na nchi nyingine za Africa wanakopata faida
africa inasikitisha, watu watakua wanajiuliza mara mbilimbili kabla ya kuleta mitaji yao huku, poor poor Africa
i smell somethng weird
Huwa sipendi kabisa kuchangia nyuzi za hili kabila lisilo na ushirikiano na la saba B