African budget airline Fastjet Plc said it would raise up to 19.2 million pounds ($25.3 million) through a share issue.

The company said on Thursday that it would issue the shares at 50 pence each, a premium of 116 percent to the stock's Wednesday close.

Fastjet also said its new Chief Executive Nico Bezuidenhout would start a business review when he joins the carrier in August.

Fastjet shares jumped 32 percent to 31 pence on the London Stock Exchange. – Reuters