African budget carrier Fastjet said it needed to raise further funds to have sufficient working capital. The airline said the funds would also be used to implement changes as its operations had remained cash negative in a challenging domestic aviation market. Fastjet said in June that it expected to report a trading loss and remain cash flow negative in 2016 as business in Tanzania remained weak. The airline appointed the outgoing CEO of rival Mango Airlines as its chief executive, sending its shares 16 percent higher. Fastjet said on Tuesday it had started the initial phases of a fund-raising exercise, which it planned to complete in July.

Source: The Star June 28, 2016 10:30 UTC