Budget carrier Fastjet (LON:FJET) wants to expand its route network and is approaching potential investors in South Africa, it was reported.

The firm, which flies from four airports in Tanzania, plans to set up operations in Kenya, Zambia, Zimbabwe, Uganda and South Africa in the next few years, and wants investment to finance more routes in the east and south of Africa.

Its current network serves four towns in Tanzania and one city each in South Africa, Zambia, Zimbabwe and Uganda.

Chief executive Ed Winter reportedly told an interview in South Africa yesterday: "It makes a lot of sense to have South African shareholders.”

Fastjet shares are up 2.8% to 1.28p valuing the firm at around £21.1 mln.