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fastjet signs option agreement to buy 1time

20-Dec-2012 3:08 PM

fastjet signed (19-Dec-2012) an option agreement to buy the entire issued share capital of 1time from its parent company, 1time Holdings, for ZAR1 (USD0.12). If the option is exercised, fastjet would gain the right to operate domestic and regional air services in South Africa. The agreement is subject to shareholder and regulatory approval and to 1time reaching a settlement with its creditors. fastjet plans to operate services between Johannesburg, Cape Town, Port Elizabeth, Durban and East London with up to three of 1time's 12 aircraft on new operating lease agreements. fastjet plans to rebrand 1time as fastjet and replace its McDonnell Douglas MD-82, MD-83 and MD-87 aircraft with A319s. fastjet CEO Ed Winter said, "I am pleased we have managed to reach a provisional agreement with all parties to buy 1time. The acquisition of 1time supports fastjet's growth into a pan African low cost carrier and the synergies with fastjet's existing operations will potentially increase the number of available route networks from South Africa into the rest of Africa." [more - original PR]