Fastjet To Raise £11m In Private Share Sale

Easygroup is to invest £1m into African low-cost airline Fastjet, raising its stake in the airline to 10 per cent. Easygroup, which already has a three per cent stake in the company, will increase its shares only if the Tanzanian airline manages to raise at least £10m through the private placement of new shares. Stelios Haji-Ioannou, founder of Easyjet, has also converted a brand licence arrangement, worth £4.3m over the next eight years, into another tranche of shares, worth £1.5m. The African carrier has said it is in talks with a number of other potential investors. The offering of 687.5 million shares was priced at a discounted 1.6 pence per share.

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TAGS: Africa
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