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
Advertisement
Latest News

Oslo intensifies African connections by adding Addis Ababa to its route

Avinor's Oslo Airport has announced the addition of Addis Ababa to its route network with new airline partner Ethiopian Airlines.

Airbus Defence and Space appoints four new Executive Committee members

Airbus Defence and Space has appointed Jana Rosenmann, Grazia Vittadini, Bernhard Brenner and Peter Weckesser as new executive committee members.

Travelport appoints new Head of Product & Solutions in EMEA

Travelport has appointed Jasmeen Kaur in the role of head of product and solutions EMEA.

Dyncorp International to provide aviation field maintenances services for US Army in Egypt

The US Army has engaged defense contractor DynCorp International to provide aviation field maintenance services in Egypt and the Netherlands on behalf of the Aviation Field Maintenance Division, which is a component of the Army

ASKY Airlines confirms Southern African debut for early 2Q17

ASKY Airlines has confirmed it will make its Southern African debut early during the next quarter, reports ch-aviation.

First Nation Airways suspends operations again

Nigeria's First Nation Airways has suspended operations for a second time in six months, reports ch-aviation.

EBACE17 SK0103240517
See us at
Aviation Festival BT25114617EBACE17 BT0103240517GroundHandling BT0303280917Ethiopian AA BT2303130417