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The Qantas Group
has now finalised the first of three investment installments taking its shareholding
in
Vietnam's second largest carrier, Pacific Airlines, to 18%. Qantas is
expected to finalise its entire investment over the next two years to ultimately hold 30% of Pacific Airlines.
The Chief Executive Officer of Jetstar Airways, Alan Joyce, and Chief Financial Officer of Jetstar Airways, David Hall,
will represent the the Qantas Group on Pacific Airlines' six-member Board of Directors.
Qantas and Jetstar executives are also expected to fill a number of key management roles in the airline to support the investment.
Pacific Airlines currently operates a fleet of single-class B737-400 aircraft on domestic routes in Vietnam.
"The initial strategy is to reposition Pacific Airlines as Vietnam's only low cost carrier to enable its future expansion both within Vietnam and - in the future - internationally, through short haul intra Asia services,"
said Qantas Chief Executive Officer, Geoff Dixon.
Jetstar Chief Executive Officer Alan Joyce said the investment would support Jetstar's pan-Asian growth strategy and help enable the Qantas Group to extend its reach in the fast growing Asian region.
"By achieving a standardised low cost operation in line with Jetstar, future plans include establishing a franchise opportunity," Mr Joyce said.
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