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Fastjet to raise up to 19.2 million pounds through share issue

Reuters

(Reuters) - African budget airline Fastjet Plc (FJET.L) said it would raise up to 19.2 million pounds through a share issue.

The carrier said it would issue the shares at 50 pence each, a premium of 116 percent to the stock's Wednesday close.

Fastjet shares jumped nearly 57 percent to 35.9 pence at 1245 London time on Thursday on the London Stock Exchange.

The airline also said its new Chief Executive Nico Bezuidenhout would start a business review when he joins the carrier in August.

Ed Winter stepped down as Fastjet's CEO in March, under pressure from the company's second-largest shareholder, Stelios Haji-Ioannou. Haji-Ioannou has also called for the dismissal of Fastjet Chairman Colin Child.

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The carrier, which is facing tough conditions in its home market of Tanzania, said it intended to break even on cash flow by the end of 2017.

Fastjet expects to report a trading loss for 2016.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Kirti Pandey)