African low-cost carrier Fastjet has agreed to sell its interest in loss-making Fly 540 Ghana for a nominal $1.
The business incurred a loss of more than $11 million last year with services suspended in May 2014.
The disposal is in line with the airline’s strategy of exiting from certain territories operated before the establishment of the Fastjet brand in Tanzania and elsewhere.
Fastjet chief executive, Ed Winter, said: “The disposal of Fly540 Ghana is a great step forward in Fastjet’s restructuring plans for our legacy businesses.
“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.”
Fly 540 Ghana was a loss-making investment previously acquired from Lonrho Aviation in July 2012. It is being acquired by DWG-G Company.
Fastjet is also the holding company of Fly540 Angola where operations are currently suspended.