Fastjet to buy 1time for R1

2012-12-20 13:57

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

The London Stock Exchange has announced that Africa’s first low-cost airline, Fastjet, has signed an option agreement with 1time Airlines parent 1time Holdings to buy all issued share capital in the defunct airline for R1.

The option agreement will see London-based Fastjet join the South African aviation market with an eye to operating domestic and regional flights.

Before it went under, 1time was the second-largest low-cost airline in South Africa.

The option agreement could see Fastjet join the nation’s aviation market with initial routes serving Joburg, Cape Town, Durban, Port Elizabeth and East London.

Fastjet will be taking over up to three of the 12 aircraft that were in the 1time fleet when the business went into provisional liquidation. The planes will fly under new lease agreements.

Once operational, the airline is looking to upgrade the fleet with Airbus A319 aircraft.

“I am pleased we have managed to reach a provisional agreement with all parties to buy 1time,” said Fastjet chief executive Ed Winter.

He added that he had hoped to get the airline off the ground by Christmas but because of ongoing negotiations, it will now only launch next year.

The acquisition of 1time is seen as part of Fastjet’s plans to expand as a Pan-African low-cost carrier.

Said Winter: “With Fastjet’s existing operations, we will potentially increase the number of available route networks from South Africa into the rest of Africa.”

The defunct 1time will be rebranded as Fastjet and will operate through Fastjet.com.

“We hope to keep many of the original 1time staff employed,” Winter said.

The deal is subject to regulatory approval both in the UK and South Africa, and shareholder agreement by parent companies Lonrho and 1time Holdings.

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
Horoscopes
Aquarius
Aquarius

The moon moves into your sign today emphasising your brilliant fast paced and innovative mind. Nervous tension can be a problem if...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.