(Alliance News) - Low-cost African airline fastjet PLC said Friday it has sold one of its Embrarer 145 aircraft to South African carrier Solenta Aviation Pty Ltd for USD2.2 million.
The sale was first agreed to in early March, originating from the fact that fastjet Zimbabwe owed cash to Solenta relating to the maintenance and other support activities of its operations.
As a result, fastjet agreed to sell the aircraft to Solenta in order to settle part of the latter's creditor position. As a result of the sale, fastjet's creditor account owed to Solenta as at March 31 has been reduced to USD1.4 million from USD3.6 million.
Shares in fastjet remained flat at 0.060 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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