Low-cost African carrier Fastjet Plc (FJET.L) said it was in potential partnership talks with Emirates Airline EMIRA.UL, sending it shares up as much as 7 percent on London's AIM.
"Talks are at an early stage but this represents a great opportunity for both parties," Fastjet Chief Executive Ed Winter said in a statement.
Fastjet, which began commercial flights last month, was set up after British investment firm Rubicon acquired the aviation unit of industrial group Lonrho Plc LONR.L for $86 million in June.
The low-cost carrier had said on Tuesday that it was in talks with liquidators to buy struggling South African budget airline 1time.
Africa's fledging aviation market is poised for growth as consumer demand in the resource-rich continent rises.
Middle East carrier Emirates uses its Dubai hub to connect travelers in Africa to the rest of the world.
Fastjet shares were trading up 2.74 percent at 3.8 pence at 0915 GMT.
(Reporting By Shilpa Hinduja and Karen Rebelo in Bangalore; Editing by Roshni Menon)