Jetstar Hong Kong Welcomes Major New Shareholder

Shun Tak Holdings has taken an equal third share in Jetstar Hong Kong along with existing partners Qantas Group and China Eastern Airlines.

Jetstar Hong Kong Chief Executive Officer Edward Lau said, “Shun Tak’s long history in tourism and transportation businesses will further deepen the experience behind Jetstar Hong Kong. As Hong Kong’s only local low fares airline, having a strong local partner in Hong Kong like Shun Tak, who understands the revolution we want to bring to Hong Kong air travel, is of great benefit. We see enormous potential for a local LCC in Hong Kong and our low fares model will stimulate a new market, bringing significant opportunities to Hong Kong’s local tourism sector and our broader economy.”

The new shareholding structure will not affect Jetstar Hong Kong’s planned capitalisation of a maximum of HK$1,544.4 million (US$198 million). Jetstar Hong Kong is progressing with regulatory approvals and is confident of approval before end of 2013.

By the time it operates a full fleet of 18 A320 aircraft in 2015, Jetstar Hong Kong will employ a local team of 600 people, plus its local suppliers will create hundreds more jobs.

Ms Pansy Ho, Managing Director of Shun Tak Holdings Limited, said, “It has long been our vision to create an air-sea-land network that seamlessly connects the Pearl River Delta and facilitate its integration, under the spirit of Guangdong, Hong Kong and Macau development blue print as part of the Central Government policy. We believe a low-cost airline will be most efficient in driving growth across the leisure sector, and bring benefits to the complete visitor economy for Hong Kong, as well as contribute to the sustainable development of Hong Kong as the top aviation hub.”

Jetstar Hong Kong intends to fly to destinations within five hours of Hong Kong and is considering destinations in Southeast Asia, Japan, South Korea and Mainland China.