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Qantas takes 18% Shareholding in Vietnam's Pacific Airlines

Travel News Asia Thursday, 2 August 2007

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.

See other recent news regarding: Travel News Asia, Qantas, Pacific Airlines, Vietnam

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