fastjet to dispose of interest held in Fly540 Ghana

tfastjet has signed an agreement to dispose of its interest in airline Fly 540 Ghana Limited – the loss-making investment it had previously acquired from Lonrho Aviation in July 2012 – before the establishment of fastjet Tanzania.t
t“The disposal of Fly540 Ghana is a great step forward in fastjet's restructuring plans for our legacy businesses,” stated fastjet’s CEO Ed Winter. “Whilst West Africa remains of interest to us as a low-cost market in the future, our current focus is on expanding our footprint in Eastern and Southern Africa. fastjet has retained the right to discuss the introduction of the fastjet brand in West Africa when it considers the economic conditions and infrastructural environment to be more favourable."t
tOperations in Ghana were suspended in May 2014. In the year ended 31 December 2014 Fly 540 Ghana recorded losses before tax of $11.3 million.t
tfastjet held 800,000 ordinary shares of no par value in Fly 540 Ghana, representing its entire issued share capital. On completion of the agreement, the airline transferred the shares to DWG-G Company Limited for $1 in cash. Fly 540 Ghana's financial results, assets and liabilities will no longer be consolidated into the fastjet Group's financial statements.t

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