Vietnam Airlines handed control of Jetstar Pacific
Vietnam Airlines has tightened its grip on domestic aviation by taking a majority stake in Qantas-affiliated Jetstar Pacific.
Vietnam’s national carrier will be handed the government’s stake in the loss-making budget airline.
The 70 percent stake was held by the government’s State Capital Investment Corporation (SCIC) with the remainder owned by Qantas (27 percent) and Saigontourist.
Despite restructuring, Jetstar Pacific has continued to rack up losses.
Vietnam Airlines will appoint its representatives on Jetstar Pacific’s board of directors.
Vietnam Airlines already accounts for 80 percent of the local aviation market share, followed by Jetstar Pacific with around 17 percent.
The capital transfer is scheduled for completion before February 15.
Ian Jarrett
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