Fastjet is seeking new shareholders, preferably from Tanzania, to invest in the airline.
At the World Low Cost Airlines Congress in London, the African carrier's commercial chief Richard Bodin said there would be benefits to being perceived as a local airline for local people.
"We have said we are looking for shared ownership of the business; I have talked about local investment into the business," said Bodin. "We simply do not need 100% control, and we would be happy to talk to potential investors, especially in Tanzania, who would like to share in the success of Fastjet."
Fastjet underwent a change in ownership earlier this year when its majority stakeholder Lonrho was taken over by Swiss-based consortium FS Africa.
EasyJet founder Stelios Haji-Ioannou is a minority stakeholder in Fastjet.