Fastjet Tanzania signals break from parent firm

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fastjet tanzania
1 min read

Fastjet Tanzania has signalled its intention to disengage from its parent company in the UK to become a fully locally owned airline.

On November 6, the airline announced the appointment of the former cabinet minister, Lawrence Masha, its first executive chairman.

According to local media reports, the appointment of the former cabinet minister who is also a minority shareholder in the airline is one of the planned interventions to steady the airline from operational crosswinds.

Recently, Fastjet Plc. CEO Nico Bezuidenhout issued a warning on the company over mounting debts and an inability to fund day-to-day operations. Bezuidenhout then said that the holding company was considering closing the Tanzania operations should shareholders not urgently pump in more liquidity.

The appointment of Masha would, therefore, see him take responsibility to oversee a turnaround strategy that includes making the airline wholly owned by Tanzanians.