Fastjet needs to raise funds further in challenging market
Fastjet has said that it needs to raise further funds in order to have a sufficient working capital at its Annual General Meeting.
Fastjet's chairman, Colin Child, explained that the current African aviation market remains challenging, and the carrier needs to continue to raise funds if it is to make changes to its operations.
The carrier’s new chief executive due to start in August, Nico Bezuidenhout has already reviewed Fastjet’s fleet, the route in service and a relocation of the head office.
"The Board believes that with a new CEO, who has a proven track record of successfully operating a low cost carrier in Africa, combined with a more pragmatic approach to operating the business, a much reduced cost base and management positioned in proximity to our markets and customers the Group has a viable and attractive future," said the carrier in a statement.
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