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HomeTravel NewsFastjet Signs Option Agreement to Buy 1time

Fastjet Signs Option Agreement to Buy 1time

Fastjet, Tanzania’s new low-cost carrier that launched commercial services in late November and is in talks with Emirates about creating a partnership, has entered into an option agreement to buy the entire issued share capital of South African 1time Airline from its parent company, 1time Holdings, for ZAR1. 1time went into liquidation last month. Fastjet, by acquiring the shares, would gain the right to operate domestic and regional air services in South Africa.

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Should the option be exercised the agreement is subject to a number of conditions precedent, including UK and South African Regulatory approval and any necessary approval by the shareholders of fastjet’s largest shareholder Lonrho, the approval of the 1time Holdings shareholders and 1time Airline reaching a settlement with its creditors via a Court sanctioned scheme of arrangement.

Fastjet will take over up to three of the 12 aircraft that were in the 1time fleet when the business went into provisional liquidation, while the initial domestic routes will serving Johannesburg, Cape Town, Durban, Port Elizabeth and East London.

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