Struggling Fastjet plans to raise at least Sh4b

Low-cost African airline Fastjet, which said in September it needed more cash within a month to continue operating, announced a fundraising and equity refinancing aimed at increasing its equity base by at least Sh4 billion ($40 million).

Fastjet, whose shares lost more than half their value after September’s announcement, said the steps would significantly reduce its debt and provide the company with working capital until the end of 2019.