Jet low Cost

"While the first talks with certain stockholders were favorable, the talks continue and there is no assurance of a satisfactory outcome," the firm said Wednesday in its half-year results release. Apart from the fact that the business burns its reserve funds, it also has other issues. In Tanzania, a more challenging operational climate has compelled the business to re-evaluate its option portfolio in the largest revenue-generating state.

Hyde also retired non-executive chairman Peter Hyde at the beginning of this week. It is not a new situation of economic fragility for the carrier. Just three months ago for $10 million the firm knocked stockholders - not really enough for a firm that was burning by $25. 8 million in six month.

Previously, the firm had collected $19.8 million (£15 million) in July 2016, $28.8 million in January 2017 and $44.2 million in September 2017. At September 18, the entity had $4.2 million in liquid assets, of which $2.8 million is limited funds located in Zimbabwe. "$1.4 million of the remainder is foreign hardcore within the Group, but that won't be enough to keep the deal going in the fourth quarter of 2018," the firm said.

Irrespective of the company's ambition to create a pan-African low-cost carriers, it seems to be about to die. "First, the high cost of operation in Africa in comparison to Europe for example. "It would not have worked in a situation where forward bookings are lower than many others, leading to liquidity shortages. In my opinion, the challenge of opening up new business has also hindered our growth and of course created a managerial staff that until recently was not even on the same continents as the airlines!

Turnover by the carrier rose by 42 per cent to 30 US dollars. 2.4 billion due to higher capacities and flights in the first half of the year until the end of June 2018.