African budget carrier Fastjet Plc said it needed to raise further funds to have sufficient working capital and implement changes as its operations had remained cash negative in a challenging domestic aviation market.
London-listed shares in the company, which has seen the departure of two top executives under pressure from its second-largest investor, were down about 25 percent at 22.94 pence at 0719 GMT.
Fastjet said on Tuesday it had started the initial phases of a fund-raising exercise, which it planned to complete in July.
