Skift Take
Despite early setbacks in South Africa, FastJet is adapting quickly to ensure it continues the expansion throughout Africa that it promised when it launched last fall.
FastJet Plc, seeking to become the first pan-African discount airline, said it will add flights in South Africa, backed by local investors and a 2 million-pound ($3 million) share placing with a London institution.
FastJet will start offering tickets in a few weeks for the first flight from Cape Town to Johannesburg on May 31, it said today in a statement. The London-based company traded 14 percent lower at 1.73 pence as of 11:17 a.m. in the U.K. after saying it would sell new shares in the placing at 1.25 pence apiece.
FastJet is seeking to expand beyond Tanzania, where it commenced services in November, as part of a plan to establish a low-cost African network using a fl
