An agreement has been met regarding a new ownership
and shareholder structure for Singapore based low cost airlines Jetstar
Asia and Valuair.
Jetstar Asia and Valuair will more closely align
operations with the Qantas Group’s Australian based low fares
subsidiary Jetstar, after Singapore company Westbrook Investments
and the Qantas Group, reached an agreement to acquire all shares
in Orangestar Investment Holdings from the previous ownership
When the transaction is
completed, Westbrook, wholly owned by Mr Choo Teck Wong (Mr Dennis
Choo), will have a 51% shareholding in Newstar and Qantas
will have the remaining 49% in the holding company.
A new holding company - Newstar Investment Holdings
- will see Westbrook’s investment maintain
majority Singapore ownership and Mr Choo as Chairman.
Ms Chong Phit-Lian will continue to lead the organisation as
Chief Executive Officer.
Jetstar Asia and Valuair
CEO Ms Chong Phit-Lian said the benefits would be extensive but
would not impact the airline’s operating flight schedule with no
changes for employees.
“Jetstar Asia and Valuair
remain open for business with no changes for our customers and
this relationship will bring new growth opportunities and help us
deliver every day low fares to them,” Ms Chong Phit-Lian said.
“Our organisation including a 280
strong workforce will derive many benefits through this closer
coordination that will bring more opportunities and where our
people’s expertise and strategic basing in Singapore can drive our
ambitious pan Asian growth plans.”
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