AfricaBusiness & FinanceZimbabwe

Fastjet awaits consent from SA, Zimbabwe to resume flights

By Almot Maqolo

Low-cost African airline, Fastjet says it is performing limited repatriation flights from South Africa to Zimbabwe, about three flights per month. Following extensions to the lockdowns in both countries the airline has continued to suspend flight operations with routine commercial flights currently suspended until at least 31 July 2020.

“The company intends to resume routine commercial flight operations once permitted by the South African and Zimbabwean Governments and its flying programme will remain flexible in the weeks and months ahead depending on how each respective government phases the release of its lockdown and, thereafter, on demand for seats,” the airline said in a statement on Friday.

As at 30 June 2020, the group had cash reserves of US$1.0 million with no restricted cash. Of the group’s US$1 million cash reserves, US$100 000 is in Zimbabwe and currently unrestricted. To address its requirement for further funding to continue operating, Fastjet had been in discussion with an investor consortium led and underwritten by Solenta Aviation Holdings Limited and other local investors in Zimbabwe, in relation to the disposal of the group’s holding in fastjet Zimbabwe.

“As announced on 1 May 2020, discussions with the investor’s consortium in relation to the disposal would only restart once the impact and timeline of the lockdowns in South Africa and Zimbabwe were better understood and as such have not restarted,” the airline added.

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