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fastjet hopes to secure funding in 2015

London - Budget airline fastjet said it expected to secure funding for its operations early next year and that it has received permits to operate flights in Zambia.

The company also said it has agreed to sell a stake in its Tanzanian airline fastjet Tanzania to local shareholders by issuing shares to a holding company controlled by four Tanzanian investors.

The shares are to be held in the holding company, called fastjet International Ltd, pending their sale to local investors at a price and time to be decided by fastjet.

The agreement is part of fastjet's strategy of operating airline companies in African countries that are partly owned by local investors.

Fastjet said it was in talks with potential investors, including industry partners and specialist African investors, for the funding.

The company said it has also received permission to fly "5th freedom" flights out of Uganda to Juba, Nairobi, Kigali and Johannesburg.

Fifth freedom is the right of an airline from one country to land in another country and then fly passengers to a third country.

Fastjet shares fell 10% to 0.68 pence at 08:10 GMT on the London Stock Exchange.

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