FastJet raises £50M for expansion into Kenya, South Africa, Uganda, Zambia, and Zimbabwe

Fastjet, the low cost African airline backed by Easyjet founder Stelios Haji-Ioannou, has raised £50m to expand its fleet of three aircraft and to open up new routes.

The company sold 5bn shares at 1p each, a near 15% discount to its share price ahead of the placing. The fundraising will more than triple its existing market capitalisation of around £20m. Its shares fell nearly 13% to 1.025p.

Fastjet was launched in November 2012, and had sold its millionth seat by December 2014.

Read more: Fastjet raises £50m for expansion | Business | The Guardian.