in Business & Finance

Disposal of Fly 540 Kenya

Posted 25 June 2014 · Add Comment

fastjet has announced it has signed an agreement to dispose of its holding in Fly 540 Kenya, the loss-making investment it inherited as part of the acquisition from Lonrho Aviation, to Don Smith, a director of Fly 540 Kenya.

The agreement wholly removes Fly 540 Kenya from the fastjet group.

All legal and financial ties between the two companies have been dissolved and each group has indemnified one another against any and all liabilities relating to the segregation of the businesses.

Ed Winter, Interim chairman and chief executive of fastjet, said: "Following a period of complex negotiations, we are delighted to have achieved a successful outcome for all parties. After a thorough and lengthy evaluation of Fly 540 Kenya, we concluded that converting the business into the fastjet low-cost model would not be economically viable.

"Disposing of our investment in Fly 540 Kenya allows us to pursue our priority objective of creating fastjet Kenya as a new entity which will operate to the same low-cost model, international standards of safety, reliability and punctuality as fastjet Tanzania and utilise the same commercial strategy and distribution platforms. Further information on the company's plans to launch fastjet Kenya will be announced in due course."

 

* required field

Post a comment

Other Stories
Latest News

Ethiopian to start Flights to Barcelona

Ethiopian Airlines has finalised preparations to launch new flight services to Barcelona, Spain as of July 01, 2018, deploying the ultra-modern B787– 800 Dreamliner.

Livingstone right to presumes it could have a great future

Victoria Falls is one of Africa’s greatest tourist attractions and Zambia has been investing in its airport at Livingstone, which bears the name of a national hero. Humphrey Nkonde reports.

Airbus A330neo en route to function and reliability tests

The A330neo, Airbus’ newest widebody aircraft, has embarked on a worldwide tour to demonstrate its readiness for airline operations.

African Air Expo to take place in November

African Air Expo will take place at King Shaka International Airport in Durban between November 27-29, 2018.

Airbus and Cote d'Ivoire sign deal to boost the West African country's aerospace future

Côte d’Ivoire and Airbus have signed an MoU to establish a framework of collaboration to support the development of the country’s aerospace industry which has been identified as strategic for its economic development.

Pegasus Airlines signs codeshare agreement with Nile Air

Pegasus has signed a codeshare agreement with Nile Air.

TAA SK0902311218
See us at
AAD2018 BTGroundHandling BT2205130918AirCargoAFA_BT220318210219