Business News of 2014-05-21

Fly 540 officially ceases operations in Ghana

Domestic airline operator, Fly540 has officially stopped operations in Ghana. The company also asked about a hundred of its workers to go on an administrative leave.
Citi Business News can confirm that the aircraft fly540 leased from Spanish operator Helit for its operations in Ghana has flown out of the country.
According to the airline the move is to help it restructure its operations.
But, Citi Business News has gathered that fly540’s mother company Fastjet is considering selling off Fly540 Ghana for $10 million for any interested buyer. It is also doing same for the fly540 Angola.
Fastjet interim chairman and Chief Executive Officer, Ed Winter, said in a press statement that the company is currently focused on expanding the low cost fastjet network in East and Southern Africa by establishing bases in Zambia, Kenya and South Africa and these plans are progressing well.
Ed Winter, said: “Management has been carefully considering how best to restructure the Fly540 business which we inherited and this is a highly significant and very positive development in that process.’’
The statement also said after a detailed evaluation of the potential of Fly540 in both Ghana and Angola, ‘’fastjet has concluded that, although these countries present very significant long-term opportunities for the fastjet low cost model, in the short term fastjet intends to fully focus on the considerable potential of opportunities in East and Southern Africa.’’
As a key part of the restructuring, two group-owned ATR aircraft previously operating in Ghana and Angola have been taken out of service and are currently in the process of being sold.
Source: citifmonline.com
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