Fly540 Ghana (5G, Accra) has been sold to UK-based firm, DWG-G Company Limited, for the princely sum of USD1.00 owner fastjet plc has announced. DWG-G is the parent company of DWG-G Airways and DWG-G Cargo.

"The disposal of Fly540 Ghana is a great step forward in fastjet's restructuring plans for our legacy businesses," Fastjet (FN, Dar-es-Salaam) CEO Ed Winter said.

fastjet acquired the Ghanaian LCC from Lonrho Aviation in 2012 but suspended its operations in May 2014 to allow for a company-wide restructuring. In the year ended December 31, 2014 Fly 540 Ghana recorded losses before tax of USD11.3 million.

"Whilst West Africa remains of interest to us as a low-cost market in the future, our current focus is on expanding our footprint in Eastern and Southern Africa. fastjet has retained the right to discuss the introduction of the fastjet brand in West Africa when it considers the economic conditions and infrastructural environment to be more favourable," he ended.

fastjet sold off Fly540 Ghana's sole remaining aircraft, an ATR72-500 cn 826, in May last year alongside that of defunct sibling, Fly540 Angola (F5, Luanda).

Founded in 2010, Fly540 Ghana was originally a subsidiary of Fly540 (5H, Nairobi Jomo Kenyatta). It was the Kenyan LCC's maiden venture into the West African market offering budget domestic and regional services.