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BUZZ-Fastjet: Zambian authority approves Phase 1 of AOC application

Reuters - UK Focus

** Fastjet Plc (LSE: FJET.L - news) 's shares rise as much as 34 pct to a high of 0.975 pence, after Zambian civil aviation authority confirms it has completed the 'Phase 1' of its air operating certificate (AOC) application

** The African budget airline's stock records its biggest single-day percentage gain since mid-November

** An AOC is an government approval granted to an aircraft operator allowing it to use aircraft for commercial purposes

** The next stage of the AOC process, which involves authorities approving its Zambian unit's operational plan, is well underway, fastjet said

** The minnow intends Zambia to be its second base and use it to operate low-cost flights to various East and Southern African destinations

(RM (LSE: RM.L - news) : esha.vaish.thomsonreuters@reuters.net)