Fastjet's share price plunged yesterday, dropping by 10.95 per cent to close at 30.50p.
The stock dipped on the first day of trading since Easy Group owner Sir Stelios Haji-Ioannou sent a letter to the African budget airline, threatening legal action over a series of alleged licence breaches. Easy Group - parent company of EasyJet - owns the Fastjet brand.
Among other grievances, Haji-Ioannou said mystery shoppers found that Fastjet was not accepting credit cards at ticket offices in Dar es Salaam, which "falls below the standard expected". "This also reduces revenue," he added.
EasyGroup has demanded answers from Fastjet by noon on 31 March. If the airline does not meet this deadline, the brand licence will be terminated, meaning the African company will have to cease carrying out business under the Fastjet name. If Fastjet fails to comply with Easy Group's demand, the travel tycoon said, the company will go to the High Court seeking an injunction and damages from the airline.
Fastjet said yesterday that its board is "currently reviewing the letter with its legal advisers and will respond in due course".
dnata Catering & Retail Singapore commenced inflight catering services for Air Macau at Singapore Changi Airport, further expanding its long-standing partnership with the Air China Group. Und...
Lufthansa Technik Philippines, the joint venture between Lufthansa Technik and the MacroAsia Corporation, is significantly expanding its footprint in the Philippines with a new base maintenance facili...
Bombardier delivered the first Bombardier Global 8000 aircraft in Asia to an undisclosed customer based in Shanghai, marking an important step in the expansion of ultra-long-range busin...
Azerbaijan Airlines expanded its fleet with another state-of-the-art Airbus A320neo aircraft. The introduction of the new aircraft is aimed at providing passengers with more comfortable and moder...
