African budget carrier Fastjet today confirmed a £15 million fundraising through a placing of shares.
The airline, backed by easyJet founder Sir Stelios Haji-Ioannou, raised £11 million last week and aims to add £3.9 million through existing shareholders.
Ed Winter, chief executive and interim chairman of the Tanzania-based airline, said: “The very successful completion of the fundraising we announced last week was a highly significant step forward for Fastjet.
“The proceeds raised exceeded our expectations and allow us to confidently move to the next phase of the company’s development with further international routes, additional aircraft and more bases and to fulfil our objective of becoming the leading pan-African low-cost airline.
“In response to the many recent comments that we have received from shareholders, I am now pleased to also offer pre-existing shareholders the opportunity to participate in the fundraising through an open offer.
“Although this open offer could raise up to a maximum total of approximately £3.9 million, its primary purpose is as a vehicle to give our pre-existing shareholders an opportunity to increase their stake in the company and its development on the same terms as the institutional placing.”