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???