Restructuring of Fly540 Angola and Ghana

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Fastjet has confirmed that two of its loss-making Fly540 businesses are being restructured with the objective of increasing shareholder value. The Fly540 businesses operate on a traditional airline model and not the fastjet low-cost model.

After a detailed evaluation of the potential of Fly540 in both Ghana and Angola, fastjet has concluded that although these countries present significant long-term opportunities for the fastjet low-cost model, in the short-term fastjet intends to focus on the considerable potential of opportunities in East and Southern Africa. As a key part of the restructuring, two group-owned ATR aircraft previously operating in Ghana and Angola have been taken out of service and are currently in the process of being sold. While a leased aircraft continues to operate in Ghana, the Angolan operation has been temporarily suspended, pending the return to service of two leased aircraft on completion of required maintenance.