Qantas Announces New Ownership Structure for Jetstar Asia and Valuair
Sydney, 02 April 2009
Today Qantas announced a new ownership structure for Singapore-based Jetstar Asia and Valuair to provide a new platform for growth in line with its pan Asian growth strategy.
The Qantas Group (Qantas) and the Singapore Company Westbrook Investments Pte Ltd (Westbrook) said it had acquired all shares in Orangestar Investment Holdings Pte Ltd (Orangestar), the previous ownership holding structure, via a new holding company Newstar Investment Holdings Pte Ltd (Newstar).
Westbrook, wholly owned by Mr Choo Teck Wong (Mr Dennis Choo), will have a 51 per cent shareholding in Newstar and Qantas will hold the remaining 49 per cent. Mr Choo, a Singapore national and partner with the Qantas Group for more than two decades, has significant experience in the travel and tourism industry and will become Chairman of Newstar. Jetstar Chief Executive Officer Bruce Buchanan and Orangestar Director Paul Edwards will also serve on the Board of the new entity. Ms Chong Phit-Lian will remain as Chief Executive Officer of both Jetstar Asia and Valuair.
Qantas Chief Executive Officer Alan Joyce said the change in shareholder structure would see Jetstar Asia and Valuair more closely align with Jetstar’s Australian operations and provide a platform for the Jetstar brand to grow into more markets in the region in anticipation of more open skies across Asia.
"The new structure for Jetstar Asia and Valuair will provide a platform for growth and strengthen existing Qantas group services in Singapore," Mr Joyce said.
"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 with no impact on existing employees, customers, flight bookings or supplier relationships.
"This is the right path forward for the airlines, their employees and most importantly our customers, who will have access to an award winning product offering across every market."
Mr Buchanan said coordination of Jetstar Asia, Valuair and Jetstar operations would provide better opportunities for customers by aligning their product offerings, while ensuring 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.
Issued by Qantas Corporate Communication (3907)