Thursday, November 23 2017

VietNamNews

National carrier pumps $25m into Jetstar Pacific

Update: July, 18/2014 - 09:14

HA NOI (VNS) — Vietnamese national flag carrier Vietnam Airlines poured nearly US$25 million into low-cost carrier Jetstar Pacific, retaining its position as a leading shareholder with 69 per cent.

Meanwhile, Australia's Qantas Airways contributed more than $10 million, keeping its 30 per cent stake in the joint venture.

Jetstar Pacific General Director Le Hong Ha told Transport newspaper that increase in capital was made at the end of June, and shareholders agreed to increase its charter capital to nearly $121.5 million.

Saigontourist Travel Services did not buy out more shares of the low cost airline, reducing its ownership stake from over 6.1 per cent in 2008 to one per cent at present.

"The increase in capital has been made to prepare for a new development plan for Jetstar Pacific. Its two major shareholders Vietnam Airlines and Qantas Airways also agree on strategies and necessary measures to support Jetstar Pacific develop effectively and sustainably as a low-cost airline," Ha said.

He said that the carrier would continue cooperating closely with its business partner Jetstar to carry out the plan in the future. The airline is expected to open new domestic routes from Ha Noi to Vinh and HCM City to Thanh Hoa this September. New international routes will also be launched this year, including HCM City to Singapore in October and HCM City to Bangkok in December.

Jetstar Pacific now has 10 Airbus A320 aircrafts, and is projected to increase its fleet to 15 in 2016. — VNS

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