Fastjet completes sale of Fly540 Ghana

Budget airline Fastjet has completed the sale of its stake in Fly 540 Ghana to DWG-G Company for the nominal amount of $1.

Fly 540 Ghana, which was acquired by Fastjet in 2012, suspended flight operations in May 2014, although it continued to operate at a loss and reported an $11.3m loss in 2014, Fastjet said.

"The disposal of Fly540 Ghana is a great step forward in fastjet's restructuring plans for our legacy businesses,” said group chief executive Ed Winter.

“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 shares were down 0.78% to 101.20p at 09:02 on Monday.