| Justin L |
2nd April 2009 02:58 PM |
Qantas rejigs Asian operations
Perhaps this is related to the JQ comments from this post on Virgin's Asian expansion?
http://business.smh.com.au/business/...0402-9knn.html
Quote:
Qantas rejigs Asian operations
April 2, 2009 - 2:46PM
Qantas and its Singapore company partner have combined to streamline the ownership structure of regional carriers Jetstar Asia and Valuair.
The change will provide a platform to expand Qantas' wholly owned Jetstar brand and business model across Asia, as more markets open up to Jetstar Asia and Valuair.
Qantas and Singapore's Westbrook Investments plan to acquire all of the shares in Orangestar Investment Holdings, the holding company overseeing Jetstar Asia and Valuair, through a new company Newstar Investment Holdings.
Qantas shares were recently up 11.5 cents, or 6.8%, at $1.815.
Westbrook will own 51% of the Newstar with Qantas holding the remaining 49%.
Qantas had a 45.04% interest in Orangestar.
The change in shareholder structure will see Jetstar Asia and Valuair more closely aligned with Jetstar's Australian operations.
''The new structure for Jetstar Asia and Valuair will provide a platform for growth and strengthen existing Qantas group services in Singapore,'' Qantas chief executive Alan Joyce said in a statement.
''A unified and simpler shareholder structure and vision for Jetstar Asia and Valuair provides certainty for these airlines and greater commercial and operational alignment, achieving new synergies across the airlines.''
The airlines will continue to operate the same network and there will be no impact on existing employees numbers, customers, flight bookings or supplier relationships.
Westbrook is wholly owned by Mr Choo Teck Wong, a Singapore national and Qantas group partner for more than two decades.
Mr Choo will become chairman of Newstar.
Jetstar chief executive Bruce Buchanan and Orangestar director Paul Edwards will serve on the Newstar board.
Ms Chong Phit-Lian will remain as chief executive both Jetstar Asia and Valuair.
Mr Buchanan said the coordination of Jetstar Asia, Valuair and Jetstar operations would provide better opportunities for customers.
Product offerings will be aligned, while the highly efficient Jetstar business model is applied across each business.
Singapore nationals will hold the majority of board director positions in Newstar and its airline operations will continue to enjoy Singapore traffic rights.
AAP
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