Lonrho departs fastjet's share register

The steady reduction of Lonrho’s (LON:LONR) stake in low-cost African airline fastjet (LON:FJET) has concluded, with the company selling the remainder of its holding.

When Rubicon, the forerunner to fastjet, acquired Lonrho’s aviation division in June 2012, Lonrho had a 73.7% in the company, but by the beginning of this week that had reduced to 11.27%.

With the sale of its remaining holding of 52.4mln shares, at a price of 2.85p per share, Lonrho no longer holds any shares in fastjet, and a major stock overhang has now disappeared.

Earlier this week, fastjet added more flights to its newly launched Dar es Salaam to Mbeya route in Tanzania after high demand meant some services sold out.

Last month, the company achieved its ambition to be an international airline when its long-awaited Dar es Salaam-Johannesburg route started operating.