Local airline Fly540 Ghana sold for 1 dollar

Business News of Tuesday, 23 June 2015

Source: kasapafmonline.com

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Budget airline Fastjet has sold its loss-making Ghana subsidiary airline Fly540.

Sold to airline DWG-G for $1 (£0.63), it was sealed off yesterday.

It follows suspension of the airline’s operations in Ghana in May 2014, after the carrier recorded losses before tax of $11.3m. The company was bought by Fastjet from Lonrho Aviation in July 2012.

“The disposal of Fly540 Ghana is a great step forward in Fastjet’s restructuring plans for our legacy businesses,” said Fastjet chief executive Ed Winter.

“While 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.”