Lonhro got taken over I thought by a Swiss company...
means if one has faith in this company it is a buying oppertunity... i think I will buy some more shares....
In todays news papers.... Hopefully the Tanzania government had set up the contracts that all sales of assets would be subject to local tax...this would mean that the Tanzania goverment would receive capital gained tax and stamp duty on this Ophir sale.... Personally I have Ophir shares .. it is one of my largest holdings it was started with Indian (Mittal Group and mysterious South African money...) they have explorations block in Gabon, Kenya, Tanzania, Nambia, Madagascar... See explanation from Lonhro y they sold fast jet
While the wider market was lifted by developments in the United States, it was Tanzania that excited Ophir Energy investors.
Shares in the oil and gas explorer jumped as much as 19.7pc before closing 33 better at 362.1p on news of a $1.3bn (£800m) deal with Temasek, the Singaporean state investment fund, off the coast of the East African country.
Pavilion Energy, which is owned by Temasek, has agreed to buy half of Ophir’s 40pc stake in three offshore gas blocks in a transaction that shareholders in the British company have been waiting for for quite some time.
Investors were unnerved when, in August, Ophir did not announce any so-called farm-out agreements at its first-half results. Analysts today said that the cash injection from the Temasek deal now meant Ophir’s planned drilling programme next year was comfortably funded.
After capital gains tax, the Tanzania transaction will see Ophir’s cash position boosted by an extra $1bn, which should ease “any funding-related concerns for the foreseeable future”, the experts at Oriel Securities said. As of the end of September, Ophir had a net cash balance of $750m.
More broadly, however, many traders found their attention drawn to the US, specifically the dovish comments from Janet Yellen, the next chairman of the US Federal Reserve. In testimony released late on Wednesday, Ms Yellen allayed investor concerns the central bank would start to rein in its stimulus measures in the near future, ensuring the FTSE 100 began today’s session firmly on the front foot. The index jumped as much as 1pc to 6,696.16 in morning dealings, only to temper its gains as the day progressed. However, once Ms Yellen’s Senate hearing began in afternoon trade, investors were again relieved by her dovish tone and the blue-chip index ended the day 36.13 better at 6,666.13, a 0.5pc gain. Back with the individual movers, Ladbrokes was a focus for dealers, sliding as much as 4.8pc after a client email from Goodbody Stockbrokers sparked concern the bookmaker would miss forecasts. In response, Ladbrokes said it currently expects to post full-year earnings before interest and taxes within the £138m to £151m range. The bookmaker closed down 6.6 at 180.2p, a 3.5pc loss. Elsewhere, there were the usual earnings-related moves. A 17pc rise in first-half revenues to £1bn helped luxury goods retailer Burberryadvance 27p to £14.89. Similarly, clothing retailer Ted Baker gained 97p to £18.87 after reporting a 24.4pc rise in third-quarter sales to £77.1m, compared with a year earlier. However, a profit warning from Centrica sent the British Gas owner down 18.6 to 345.3p, the biggest faller in the FTSE 100. The picture at the bottom end of the FTSE 250 was much the same. Online sports broadcaster Perform Group dropped 80, or 14.8pc, to 460p after disclosing that full-year earnings before interest, taxes, depreciation and amortisation were now expected to about £4m lower than previously thought. Beleaguered outsourcing group Serco also sounded a profit alert and slumped 84.9 to 419.1p, a 16.8pc slide. 3i’s half-year net asset value if 322p-a-share was light of expectations and so the private equity group slid 17 to 353.8p. But life insurer Partnership Assurance, which tumbled 21.1pc a day earlier amid disappointment with its latest trading update, steadied to rise 7.6, or 2.3pc, to 332.6p. Nomura analyst Fahad Changazi told clients to “buy” the shares at the current depressed levels, because Partnership “still offers pure play exposure to an attractive growth market”. Staying with the insurance sector, Phoenix Group declined 63½ to 713½p after it disclosed late on Wednesday that talks about a merger with Swiss Re’s Admin Re division had collapsed. As a result, Deutsche Bank analyst Oliver Steel cut his rating on Phoenix to “hold” from “buy” and said he did not see any other potential partners for Phoenix. Meanwhile, analysts at Goldman Sachs weighed on supermarket giantTesco, down 8.55 at 356.15, by cutting their rating on the group to “sell”. They argued that “industry margins are likely to fall over the next three years as the discounter and online channels maintain double-digit growth rates”. Tesco finished the session as one of the heaviest blue-chip fallers. Among the biggest gainers in the FTSE 100 was pharmaceuticals groupShire, up 79p at £28.40, on news Flemming Ornskov, chief executive, had bought 22,000 shares at an average price of £28.19 each. The purchase was Mr Ornskov’s first since becoming CEO earlier this year. Finally, small-capper Fastjet dropped as much as 17.5pc before closing down 0.4, or 11.7pc, at 3.025p after Lonrho offloaded the remainder of its stake in the African budget airline. Some 52.4m shares were sold at 2.85p apiece, raising £1.49m. The sale marks the end of Lonrho’s involvement with Fastjet, which was spun-out of the 104-year-old conglomerate last year. Geoffrey White, Lonrho’s chief executive, told the Daily Telegraph that the group sold down its stake because aviation was not a core business for the company. Lonhro, made famous by businessman Tiny Rowland, left the London market earlier this year following a £175m takeover by a group of Swiss investors. Stock market filings show it had been steadily reducing its Fastjet holding over the course of October.
Lonhro got taken over I thought by a Swiss company...
means if one has faith in this company it is a buying oppertunity... i think I will buy some more shares....
Again a news item on Africa... uganda and their search for oil... the Tullow Heritage row took place last couple years ... Heritage sold their share of an asset to their partnerTullow by the great lakes and didnt want to pay Capital Gains tax.. they lost the case. Rightly so !!!!!!!!!!!!!!..Doing buisness there seems to having "champions" on ur pay....agents....
but there has been fall out... this makes interesting reading as to the process of networks of doing buisness in Africa....I have investments in both companies
Tullow in latest row over £900m acquisition of Heritage Oil after snubbing close confidant of Uganda's president
Tullow Oil has walked into a fresh row over its £900million Ugandan acquisition, after snubbing a close confidant of the African country’s president Yoweri Museveni.
Dr Martin Aliker, a high-profile businessman in Uganda, was among 42 staff who worked for Heritage Oil when it sold its licences to explore in Lake Albert to Tullow in 2010. As the president/chairman of Heritage Uganda, he was paid £37,000 a year to act as a conduit between the firm and Museveni’s office.
Tullow paid some of Dr Aliker’s expenses after the deal but later decided not to employ him, triggering a demand by the businessman for some £112,000 in compensation.
Dr Aliker is understood to be considering a legal claim for the money, having rejected an undisclosed sum that Tullow offered despite saying it is under no obligation to make any payment.
Dr Aliker said: ‘From what I understand I was the only one who wasn’t given a job or at least a severance payment. It isn’t so much about the sum itself but the damage this has done to my reputation in Uganda.’
Dr Aliker played a round of golf at Kampala Golf Club with Tullow general counsel Graham Martin earlier this year to discuss his claim. But Martin later wrote to Dr Aliker saying he had no choice but to give him the ‘blunt message’ that no payment would be made.
‘He sent me the letter rejecting my claim almost as soon as he returned to London. Perhaps I should have let him beat me?’ said Dr Aliker. Tullow declined to comment. The spat is the latest in a string of rows stemming from Tullow’s deal to buy assets from Heritage in 2010. The two firms fought a courtroom battle over a £277million capital gains tax bill imposed by Museveni’s government.
The dispute saw foreign minister William Hague lobby Museveni on behalf of Tullow, run by Aidan Heavey. Claims that Tullow planned to offer £31million to meet Museveni’s ‘short term needs and demands’ during the capital gains tax row were brought to light by the legal tussle. Heavey was later forced to write to Museveni to apologise for ‘entirely false allegations’ that it had considered making such payments. The apology followed furious denials from the office of Museveni that any money had been sought or paid.
By Phil Davies |18 November 2013 at 08.10 GMT0 Comments
African low fares carrier Fastjet saw improved carryings and load factors last month as it approaches its first anniversary.
The figures came following Lonrho selling its remaining stake in the Tanzania-based airline last week.
Operations in Tanzania carried a record 33,778 passengers with an average load factor of 70%, despite a 14% increase in capacity.
Ancillary revenue from baggage, ticket changes and in-flight retail accounted for more than 10% of total revenues, up from 7% in June.
The airline, which started its first international service from Dar es Salaam to Johannesburg last month, saw 94% of all flights operating on time. Another international route is soon to be announced.
Interim chairman and chief executive Ed Winter said: "Ancillary services represent an important part of the low-cost model and it is great to see this revenue stream now representing 10% of total passenger revenue.
“Our in-flight retail contract is performing very well and work is currently underway to offer a wider selection of services such as accommodation, car hire and insurance which will support this revenue growth.
"We recently announced an increase in domestic flying in Tanzania to meet increased demand from our customers and we expect to announce our next international route shortly."
He added: "As we approach the first anniversary of our inaugural flight, I am delighted with the progress we have made in the past 12 months and the direction the company is moving in.
“We announced last week that Lonrho had sold its remaining stake in Fastjet. This is a logical and mutually beneficial parting of ways. Lonrho has not been involved in the business since it was bought and delisted in July 2013 at which time it decided to concentrate resources on its core operations.
“As previously announced, Fastjet is working towards restructuring the legacy businesses it inherited from Lonrho.
"We have grown the business substantially in the face of many challenges since last November. Our existing cash resources and equity draw down facility provides us with sufficient working capital for our near term requirements as we continue to seek to address our longer term funding requirements for further expansion next year.
“Our aim to become Africa's first low-cost carrier is well on its way to becoming a reality."
* Oil product imports to rise to 6 million tons per year by end-2015
* Kenya to drill 10 exploration wells next year
* Crude oil production seen at 100,000-120,000 bpd in 2018
By Jacob Gronholt-Pedersen
SINGAPORE, Nov 28 (Reuters) - Kenya's diesel and gasoline imports are set to rise by a third over the next two years, driven by a growing auto fleet and rising industrial activity amid a lack of refining capacity, the head of the country's state oil company said Thursday.
Operations at East Africa's only refinery, in Mombasa on Kenya's southeast coast, were halted this year after co-owner India's Essar Energy (LSE: ESSR.L - news) and the government disagreed on expansion plans for the plant. Africa's overall refining capacity has also failed to keep up with the continent's rapidly growing appetite for fuel products, prompting trading houses such as Trafigura, Vitol and Gunvor to invest heavily in expanding their operations on the continent in recent years. Kenya, one of the fastest growing markets in Africa, is set to increase annual imports of oil products to around 6 million tons (130,000 barrels per day) in two years, up from a current yearly intake of 4.5 million tons, Sumayya Hassan-Athmani, chief executive of the National Oil Corporation of Kenya said.
"Diesel consumption is driven by growth in industrial (activity), and increasing number of cars on the roads require us to import more gasoline," she told Reuters in an interview.
Diesel imports account for 55 to 60 percent of imports and gasoline around 35 percent, she added.
Land-locked Uganda, South Sudan, Rwanda and Burundi as well as parts of Tanzania also combine to import around 4.5 million tons of oil products per year through the Mombasa port.
These countries' imports are projected to rise at a similar pace as Kenya's own needs, Hassan-Athmani said.
Kenya is considering inviting bids for a new investor for the 32,000-bpd Mombasa refinery, or may convert it into a storage plant, after Essar exited the joint venture this week, officials said earlier this month.
The closure of the refinery points to the growing gap between local supply and the region's rising demand.
Demand for oil products in Africa is expected to grow by more than 20 percent in the next seven years to 4.4 million bpd, Vienna-based consultancy JBC Energy said last month.
That stands against about 1.9 million bpd in refining capacity across the continent, JBC said.
A new $500 million floating oil import jetty and 800,000 tons storage facility in Mombasa will be finished in late-2015 or 2016, allowing Kenya to increase imports while avoiding bottlenecks, said Hassan-Athmani.
EXPLORATION
East Africa has also emerged as a new frontier for exploration, with recent promising oil finds offshore Tanzania and Mozambique and onshore Uganda and Kenya.
Africa-focused Tullow Oil (LSE: TLW.L - news) said earlier this month it struck oil at the Agete-1 well in the Tertiary Basin in northern Kenya, its fifth consecutive discovery since it started drilling in the country.
Tullow shut down work for two weeks in the block where the discovery was made and in another block in the same area, when residents of the poverty-stricken northern Turkana community marched on its operations to demand jobs and other benefits.
"We have a lot of work in engaging people to understand that an oil discovery is not an instant solution to everything," Hassan-Athmani said.
Operations resumed on Nov. 8 after a deal was reached with local leaders.
Commercial production of 100,000-120,000 bpd is likely to begin in 2018 with output ramping up to 180,000-200,000 bpd by 2022, Hassan-Athmani said.
About 10 new exploration wells will be drilled in Kenya every year over the coming three to five years, with about 40 percent of the exploration work offshore, she said.
The country has no current oil production.
Apart from Tullow Oil, other explorers in Kenya include Anadarko Petroleum (Berlin: AAZ.BE -news) , Total (NYSE: TOT - news) , Apache (NYSE: APA - news) , BG Group and Eni (NYSE: E -news) .
38 % of passengers on its new routes are first time flyers... That people are travelling has huge economic impact.....
and another international route in February... businesses is not about profitability only it is about cash flow.... here with these low margins I just hope the cost of corruptions does not stymie this......I see this intra africa flights as huge economic and social stimulators.....
Dar to Lusaka.....
a crop from pro investor
Friday's movers: GoldStone Resources, Fastjet, Ferrum Crescent and Seeing Machines
By Giles Gwinnett November 29 2013, 8:55am After what was billed as a potentially sleepy start after the US holiday, Britain's blue chips were advancing steadily on Friday morning - boosted by big cap miners. In the small cap arena, there were also some notable movers. On the rise was AIM explorer Goldstone Resources (LON:GRL), which turned up encouraging results from surface work at its Manso Amenfi project in Ghana, with wide gold zones indicated. The company has now received the assays from 18 trenches for a total of 927 metres. They tested gold-in-soil anomalies in the north-eastern, north-western, central and south-eastern portions of the permit area. Low-cost Africa focused carrier Fastjet (LON:FJET) shares were also lifting off at the end of the week. The company is to launch its second international route from Tanzania. Flights from Dar es Salaam to Lusaka in Zambia will initially operate twice a week, with the first flight scheduled to take off on 1 February 2014.
the same thing again..another press release.... intra africa travel.....
Fastjet to start flying into Zambia
December 19, 2013
By NANCY MWAPE
FASTJET Airline, a low-cost Tanzanian flight is expected to launch the Lusaka-Dar-es-Salaam route on February 1, 2014 to boost the growing trade between Zambia and Tanzania.
Meanwhile, Zambia Tourism Board (ZTB) has welcomed the launch of Fastjet Airline saying the Lusaka-Dar-es-Salaam route will upscale airport infrastructure development being undertaken by Government countrywide.
According to information posted on the airline’s website, Fastjet notes the introduction of the route is due strong trade connection between the two countries demonstrated by the growing number of people undertaking 25 hours journey by road between Lusaka and Dar-es-Salaam.
“We’re proud and excited to announce the launch of our second international route between Lusaka and Dar-es-Salaam. Fares start from just K450 one way (excluding taxes) and are available to book now,” reads the website.
Fastjet whose philosophy is to make air travel easy, has an ambitious plan to create Africa’s first pan-continental airline bringing international standards of safety, quality, security and reliability.
The statements says being a low-cost airline, Fastjet does not cater for frills, to offer customers the lowest possible fares in addition to pay-as-you travel extras.
“This affords passengers the flexibility to pay for additional services such as a bag or refreshment rather than having to pay for it regardless whether you want it or not,” notes that airline.
It notes that despite the many challenges that exist outside its control, Fastjet is open, honest, transparent and communicative to ensure that passenger’s travel arrangements remain with the least amount of interruption.
Commenting on the development, ZTB chief executive officer Felix Chaila said Fastjet is inclined to tourism and its coming into Zambia is a good growth for the country.
Mr Chaila, however, hoped that the airline could expand its services to other airports such as Simon Mwansa Kapwepwe in Ndola, Harry Mwaanga Nkumbula in Livingstone and Mfuwe to boost tourism.
“We are looking forward to receiving more airlines so that aviation industry can develop. An effective aviation sector is a backbone for a successful tourism sector of any country,” he said.
Earlier last year, Tanzania’s private airline, Precision Air launched flights into Lusaka to remove the limitations that affects the Zambian market in relation to travelling to and from that country. The airline could not however sustain the route and in July the same year closed the route.
A new bank in rural Zimbabwe does not have air conditioning or smartly dressed clerks - instead it has cow dung and labourers wearing overalls. In fact its branches are farms and its employees often go out to collect their deposits from their customers. One such customer, Stephen Chikoto, looks on as his calf darts around the cattle enclosure, trying to avoid being lassoed for inspection. "Perhaps, it doesn't want to be banked," he quips. Mr Chikoto, small-scale farmer from Zvishavane district about 390km (240 miles) south of the capital, Harare, is in the process of depositing his calf and eight other animals into the TN Livestock Trust. An assessor from the department of agriculture overseeing the transaction checks the calf's teeth for its age and then punches a yellow tag into its ear. Continue reading the main story“Start Quote
We bank them at our farms. The farmers get to unlock the value of their cattle without necessarily selling their cattle”
Charles ChakomaTN Livestock Trust With the calf weighing in at 200kg (440lbs), Mr Chikoto has deposited the equivalent of $190 (£116) - a considerable amount in rural Zimbabwe. As part of the deal, he must agree to leave the animal in his "cow account" for two years. In return he will earn interest, currently set at 10%, and will also receive a cow certificate which can be used as collateral to obtain loans which could be used to grow their business. The calf will be now be taken to a TN Livestock Trust farm at Featherstone, about an hour-and-a-half's drive south of Harare. "We bank them at our farms," says Charles Chakoma, the trust's manager, adding that it is a win-win set-up. "The farmers get to unlock the value of their cattle without necessarily selling their cattle. We look after the cattle for them," he told the BBC. In the cow bank, livestock will be kept healthy with dipping and other intensive farming methods "They can use the cattle as collateral. They can do other projects which they so wish to do at their homestead, whilst retaining ownership of the cattle." With intensive farming - cross-breeding, fattening and disease control programmes, the trust hopes to see the herd grow. Mr Chakoma explains that the quality of most livestock held by small-holder farmers in Zimbabwe is deteriorating because of inbreeding. "We give them better bulls, pedigree bulls. We are trying to also use indigenous bulls," he says. "They can get better animals back." 'Frees children for school'Mr Chakoma says there is a tendency to underplay the economic status of those in rural areas. Continue reading the main story“Start Quote
It is estimated that they own about 3.3 million head of cattle, worth about $1bn. That accounts for about 80% of the national herd, now just half its size in 2000 when the government's controversial redistribution of commercial farms began. The cash cow scheme removes the burden from rural families of caring for cattle which often falls to young boys, Mr Chakoma says. "Sometimes children are disturbed from attending school," he says. In the year since the scheme opened, some 600 cattle have been deposited. For Mr Chikoto, it is indeed a relief as he has lost cows in the past as his land is arid and with high unemployment, cattle rustling has also become a big problem. "There is a lot of drought every year," he says. In areas prone to drought, it is difficult to give the animals enough food "I know that I'm not going to lose anything in both directions. Both parties are winning." 'Cart before horse'But the cattle banking model has its sceptics, like Christopher Mugaga, head of research at Econometer Global Capital, a regional finance and economics research firm "It's a case of putting the cart before the horse," he told the BBC. He believes the whole business of agriculture has to be reformed, given that controversy still surrounds property rights for commercial farms where 99-year leases are still being issued as opposed to title deeds. The cow banking scheme puts the onus on small-scale farmers to increase the national herd instead of commercial farmers, he says. "You realise that cattle banking, as much as it sounds noble, Zimbabwe at the moment is not yet ripe to embrace such a concept." Traditionally a groom's family must pay a bride price, usually of cows, to their new in-laws But Mr Chakoma bats away such concerns and says the trust, which is opening up a second farm in Gweru, has even managed to overcome cultural hurdles. Traditionally a bride price, known as lobola, must be paid by a groom's family - usually in the form of between five and 10 cows, each worth an estimated $450. Now cow certificates can be exchanged instead after the customary marriage formalities have been concluded. "You tell us: 'Remove so many animals, I want to pay them as bride price to so and so.' We issue another certificate in their name. "If they [the new in-laws] so wish to retain them with us, they can do so. If they want to come and get possession of their animals, they can do that."
reading.......entrenched interests of incomprtent states.........
South African aviation
Ready for take-off, again
Jan 3rd 2014, 16:03 by M.R.
THIS should be a good year for South African passengers, according to Business Day, a local newspaper. Following the failure of 1time Airline in 2012, four new low-cost carriers—FastJet, Skywise, FlySafair and a resurrected version of 1time—are poised to enter the market and inject some competition. At present state-owned South African Airways (SAA) and privately owned Comair are the only noteworthy scheduled passenger operators.
But Business Day’s outlook may be rose-tinted. Two of the four new entrants have already faced legal challenges. And SAA has made scant progress with a turnaround plan. Until its balance sheet is in better shape, the South African authorities are unlikely to liberalise the sector any further.
FastJet, which aims to become Africa’s first pan-continental low-cost carrier, had planned to launch domestic South African services early in 2013. After its bid to buy 1time’s air operator’s certificate failed, it signed a deal with Edward Zuma, the son of South Africa’s president, to establish a subsidiary alongside a local partner, Federal Airlines. That plan also came unstuck, though it was not formally abandoned and FastJet insists it will fly domestically in South Africa soon. The airline already operates international flights to Johannesburg from its Tanzanian base in Dar es Salaam.
FlySafair, a proposed subsidiary of Safair, another local charter operator, had hoped to begin flying last October and will continue its efforts this year. And Skywise’s hopes for a 2013 launch were also slowed by unspecified regulatory obstacles. A revivified 1time now intends to launch services again in March, thanks to renewed interest from Pak Africa, a Pakistani aviation group that owns part of Global Airways, a South African charter operator.
Passengers will welcome these airlines. South Africa has the continent’s largest economy and its most developed aviation market. Heightened competition between low-cost carriers should push down airfares and push up traffic, as it did in Europe during the 1990s. But incumbent operators will push back. Comair has already filed legal challenges against both FastJet and FlySafair, alleging that their proposed corporate structures fall foul of foreign-ownership laws. Erik Venter, the boss of Comair, argues that protectionism runs rampant across all corners of Africa. Why should South Africa allow foreign airlines to set up shop, he says, when its own airlines cannot do the same elsewhere? This argument is not fully convincing, but South Africa does indeed need to protect the health of its aviation sector.
Loss-making SAA is also in no rush to welcome low-cost rivals. When the airline hosted the IATA AGM in Cape Town in June, its interim CEO, Nico Bezuidenhout, said it was finalising plans to renew its widebody fleet, consolidate its route network and review its subsidiaries and partnerships. He was then replaced by Monwabisi Kalawe, a businessman with plenty of experience running South African parastatals, but little running an airline. Some modest progress has been made recently—SAA has expanded its codeshare partnerships to place more passengers on flights operated by affiliates such as Etihad, Air Seychelles and Rwandair—but there have been few other developments of note. The airline continues to publish rambling statements about its vital economic contribution to South Africa, yet makes little effort to clarify either its overarching strategy or its path to profitability. Much like Australia, South Africa is an end-of-line destination that can ill-afford to cling onto its vainglorious flag-carrier of yesteryear. Johannesburg may be a vital regional hub, but it is not an important global one. Yet whereas Qantas has evolved and improved through its strategic partnership with Emirates, SAA seems to be muddling on regardless.
Mr Kalawe must follow through on the preliminary plan drawn up by Mr Bezuidenhout. SAA urgently needs new widebody aircraft to replace its fuel-guzzling Airbus A340s. It also needs a deep-rooted alliance with a big global carrier offering intercontinental traffic flows. (Etihad is the obvious candidate.) If SAA becomes a viable commercial entity, then South Africa’s politicians and regulators will have less reason to make life difficult for new market entrants. If it remains lame, passengers can expect more delayed launches, more rising airfares and more dispiriting court cases. 2014 may be a boon year for South Africa’s civil aviation sector. Then again, it may just be more of the same.
FROM left to right Fastjet Airline’s marketing manager Jai Gilbert chatting with chief commercial officer Richard Bodin and commercial manager for Tanzania Jean Uku during a media breakfast meeting at Intercontinental Hotel in Lusaka yesterday. – Picture by ANGELA MWENDA.
By KALONDE NYATI
FASTJET, a Tanzanian-based low cost airline is expected to launch flights into Lusaka next month with plans to establish base in Zambia that will service the southern African region.
Airline chief commercial officer Richard Bodin said Fastjet that will fly between Dar es Salaam and Lusaka twice a week will launch the flights on February 1.
Mr Bodin said at a media breakfast in Lusaka yesterday that the airline will boost the growing trade between Zambia and Tanzania.
He said the steady increase in cross border trade between the two countries demonstrates the need for the establishment of an affordable airline.
The airline fares will be as low as K450 one way but this amount excludes taxes.
“The traffic between Lusaka and Dar es Salaam has grown over the years due to trade between the two countries and the traffic will be enhanced further due to the reduced travel time,” he said.
He said Zambia being a commercially driven economy is key in boosting the airline’s business.
Mr Bodin said negotiations between Government and the airline are on-going to establish base in Lusaka that will service Malawian, Zimbabwean and South African routes to be launched soon.
He said plans are also underway to launch domestic routes with Livingstone and Ndola.
Fastjet was launched in 2012 and operates flights to Kenya, Ghana and Angola. It also operates domestic routes in Tanzania for about US$20.
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Reuters - UK Focus – 2 hours 32 minutes ago
(LON:GRL), which turned up encouraging results from surface work at its Manso Amenfi project in Ghana, with wide gold zones indicated.
By NANCY MWAPE
In the cow bank, livestock will be kept healthy with dipping and other intensive farming methods
In areas prone to drought, it is difficult to give the animals enough food
Traditionally a groom's family must pay a bride price, usually of cows, to their new in-laws
FROM left to right Fastjet Airline’s marketing manager Jai Gilbert chatting with chief commercial officer Richard Bodin and commercial manager for Tanzania Jean Uku during a media breakfast meeting at Intercontinental Hotel in Lusaka yesterday. – Picture by ANGELA MWENDA.
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