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African carrier Fastjet's largest investor sells entire stake

11/14/2013 | Reuters

(Reuters) - African budget airline Fastjet Plc (FJET.L) said its largest shareholder, Lonrho Ltd, had sold its full stake in the carrier for about 1.49 million pounds ($2.38 million).

Lonrho sold about 52.4 million shares in the airline for 2.85 pence per share, a 17 discount to the closing price of Fastjet's stock on Wednesday.

Fastjet's London-listed stock was down 12 percent at 3.00 pence on Thursday afternoon.

Lonrho, an agriculture-focused conglomerate whose roots go back more than a 100 years to colonial Africa, owned 11.27 percent of Fastjet as of October 31 according to Thomson Reuters data.

Lonrho said in May that it was being bought out by Swiss billionaire Thomas Schmidheiny and Swiss investor Rainer-Marc Frey.

Fastjet, backed by easyJet's (EZJ.L) billionaire founder Stelios Haji-Ioannou, has ambitions to become the first pan-African low-cost carrier and operates within Kenya, Tanzania, Ghana and Angola.

(Reporting by Richa Naidu in Bangalore; Editing by Savio D'Souza)

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