AVIATION
Under pressure Fastjet to sell stake to Solenta
The London-listed low-cost carrier raises about $48m as part of its drive to stabilise its finances and reach breakeven by end-2017
Low-cost carrier Fastjet has agreed to sell a 28% stake to Johannesburg-based aviation group Solenta, as it seeks to stabilise its finances and reach breakeven by the fourth quarter of 2017, it said on Thursday. The London-listed airline raised at least $48m on Thursday, including a $19.2m agreement with Solenta for discounted goods and services. A further $28.8m had been raised through a share placement, the company said. The airline signed a conditional agreement with Solenta for the provision and operation of three wet-leased aircraft and the supply of other services over the next five years. Solenta would have the right to nominate two members to the Fastjet board, which is expected to be strengthened by additional non-executive directors.
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