Vietnam Airlines gets majority share in Jetstar Pacific
VIETNAM-based Jetstar Pacific has undergone a change in ownership, with Vietnam Airlines (VNA) picking up a majority stake in the low-cost carrier, which previously belonged to the Vietnamese State Capital Investment Corporation.
Separately, the Qantas Group’s existing 27 per cent share in Jetstar Pacific has now increased to 30 per cent. VNA now owns 69.93 per cent. A new CEO and chairman are expected to be announced soon.
Chief executive of the Qantas Group, Alan Joyce, said: “We are confident this partnership between a low-cost carrier and a full-service airline in Vietnam can replicate the success of our Qantas and Jetstar strategy in Australia, and follows our recent partnership with Japan Airlines to form Jetstar Japan.”
Through the new partnership, Jetstar Pacific will receive an initial capital injection of A$25 million (US$26.6 million), including A$7.5 million from the Qantas Group. This will be directed towards fleet renewal, with the carrier’s current Boeing 737s replaced with new A320s from mid-2012. Jetstar Pacific’s fleet will grow to 15 A320s within the next few years.
The focus will be on serving both domestic and international routes.
Source: TTG ASIA
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 picking up a majority stake in the low-cost carrier, which previously belonged to the Vietnamese State Capital Investment Corporation.)
