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Stelios targets 'final frontier' with low-cost airline in Africa
5 Dec 2011EasyJet founder Sir Stelios Haji-Ioannou today set out plans to launch a budget airline in Africa, saying the continent represented "the final frontier of the aviation revolution".
Sir Stelios's easyGroup has signed an agreement with Rubicon, a former software company which is now a shell, to examine the feasibility of setting up a low-cost airline in Africa, fastjet.com.
Rubicon will pay Sir Stelios and as many as four other aviation executives £80,000 a month, plus a £25,000 one-off fee, for their branding advice.
easyGroup will be issued with 5% of Rubicon shares, with the option of taking another 10%.
If the African airline and branding ideas get the go-ahead from Rubicon investors, it will provide exclusive rights to the fastjet.com brand for a year.
After that, Rubicon either has to take delivery of a fastjet.com-liveried jet or complete a reverse takeover.
Otherwise, rights to the fastjet.com brand revert to easyGroup.
Reader views (2)
In principal it's a good idea - I recently flew internally in Africa, it was only a two hour flight or so but there was only one airline that did that route, one flight every two days and it cost about £400 - a lot for such a short journey!
- Smileycat, London UK, 05/12/2011 16:19
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i hope this is within africa and not to europe!
- terry sullivan, morden england, 05/12/2011 13:34
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