Jetstar Asia, Valuair acquired by Qantas and Westbrook Investments
SINGAPORE: Singapore's Temasek Holdings is selling its stake in
the holding company that owns two Singapore-based low cost carriers,
Jetstar Asia and Valuair.
The company, Orangestar Holdings, is 45.04 per cent owned by Qantas, with Temasek holding a 33.5 per cent stake.
The rest are held by minority shareholders.
Qantas Group and Singapore company Westbrook Investments will acquire the venture from Orangestar.
The acquisition will see Jetstar Asia and Valuair operating under a
new ownership structure that will enable them to work more closely with
Qantas' fully-owned Australian-based subsidiary Jetstar.
Under the agreement, Qantas will hold a 49 per cent stake in the
new holding company for the two airlines called Newstar, while the
remaining 51 per cent will be held by Westbrook which is wholly-owned
by Dennis Choo Teck Wong.
In a statement, Jetstar Asia says Mr Choo will be appointed as chairman of Newstar Investment Holdings.
Jetstar Asia and Valuair CEO Chong Phit-Lian said the benefits from
the change will be extensive and it is not expected to impact the
airline's operating flight schedule nor manpower needs.
- CNA/yt
Originally posted by QX179R:Jetstar Asia, Valuair acquired by Qantas and Westbrook Investments
SINGAPORE: Singapore's Temasek Holdings is selling its stake in the holding company that owns two Singapore-based low cost carriers, Jetstar Asia and Valuair.
The company, Orangestar Holdings, is 45.04 per cent owned by Qantas, with Temasek holding a 33.5 per cent stake.
The rest are held by minority shareholders.
Qantas Group and Singapore company Westbrook Investments will acquire the venture from Orangestar.
The acquisition will see Jetstar Asia and Valuair operating under a new ownership structure that will enable them to work more closely with Qantas' fully-owned Australian-based subsidiary Jetstar.
Under the agreement, Qantas will hold a 49 per cent stake in the new holding company for the two airlines called Newstar, while the remaining 51 per cent will be held by Westbrook which is wholly-owned by Dennis Choo Teck Wong.
In a statement, Jetstar Asia says Mr Choo will be appointed as chairman of Newstar Investment Holdings.
Jetstar Asia and Valuair CEO Chong Phit-Lian said the benefits from the change will be extensive and it is not expected to impact the airline's operating flight schedule nor manpower needs.
- CNA/yt
Whaa...
First Jetstar Asia Holdings(under Jetstar[Australia]) then merge with Valuair become Orangestar. Now Temasek want to get rid of it from its portfolio become Newstar... Next? Oldstar???