African airline Fastjet on Monday announced it was raising $2.4 million by offering over 42 million new ordinary shares at a value of GBP0.035 cents.

UK based industrial group Lonrho (LAF) owns a large stake in the airline.

“Following the announcement on 5th November 2012 of the completed FastJet branding and the launch of FastJet operations in Tanzania with three A319 aircraft‚ the company is now progressing with establishing the second hub location for FastJet in the continuing plan to build the FastJet network into the Low Cost Carrier for all of Africa‚” said FastJet’s executive chairman David Lenigas.

“These additional funds will be deployed in assessing an earlier than expect opportunity open to FastJet to interact with the Southern African market place and progressing with the opening of further operational hubs for the FastJet network across Africa‚” Lenigas explained.

At the completion of the share offer‚ Lonrho’s 67.4% shareholding in the airliner will be reduced to 65.8%. - I-Net Bridge