Fastjet offloads two unwanted aircraft

- Sale agreements were entered into with Elix Assets 7 Limited

Low-cost African airline fastjet (LON:FJET) has sold two of its ATR aircraft that were once used by its Fly540 businesses.

The ATRs have not been in use since Fly540 Ghana and Fly540 Angola suspended operations earlier this year, and have been racking up finance leasing and other costs in the meantime.

The aircraft were purchased using a financing facility provided through the African Export-Import Bank; the US$21.35mln proceeds from the sale will go towards paying off the money fastjet owes to the bank.

The airline had previously made a US$2.1mln provision in its 2014 interim statement in respect of the expected loss on the sale of the aircraft.