Qantas to increase investment in Jetstar Pacific
The Qantas Group has confirmed that Vietnam Airlines will take the majority share in Jetstar Pacific, currently held by the Vietnamese State Capital Investment Corporation (SCIC).
Separately, the Qantas Group’s existing 27% share in Jetstar Pacific has now increased to 30% in-line with long-term commitments.
Qantas Group CEO Alan Joyce, said the new partnership with Vietnam Airlines would represent an extension of the dual brand strategy pioneered by Qantas and Jetstar.
“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,” Joyce said.
Through the new partnership, Jetstar Pacific will receive an initial capital injection of $25 million, including $7.5 million from the Qantas Group.
This will be enable fleet renewal, with the carrier’s current Boeing 737s replaced with new A320s from mid-2012.
Ian Jarrett
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