Bangkok--8 Apr--Aziam Burson-Marsteller
An agreement has been met regarding a new ownership and shareholder structure for Singapore based low fare airlines Jetstar Asia and Valuair, which is set to deliver positive customer and commercial benefits plus future growth opportunities.
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 Pte Ltd (Westbrook) and the Qantas Group (Qantas), reached an agreement to acquire all shares in Orangestar Investment Holdings Pte Ltd (Orangestar) from the previous ownership holding structure.
When the transaction is completed, Westbrook, wholly owned by Mr Choo Teck Wong (Mr Dennis Choo), will have a 51 per cent shareholding in Newstar and Qantas will have the remaining 49 per cent in the holding company.
A new holding company - Newstar Investment Holdings Pte Ltd (Newstar) - 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.
“Achieving future expansion under the Jetstar brand allows our organisation to participate in a growing pan Asian network offering low fares to more places, delivering a more seamless passenger experience and better opportunities for travellers flying to, from or through Singapore.
“Jetstar backs its low fares commitment to customers flying within Asia with a Price Beat Guarantee^, which means when booking on Jetstar at a similar date or time we will beat any competitor by 10 per cent.” (^ Conditions apply)
Ms Chong Phit-Lian said Jetstar Asia and Valuair’s existing commercial alignment across many airline functions with Jetstar’s Australian operations had proven a successful interlude to now allow for its greater extension.
“Significant benefits can be achieved by being linked to the Jetstar brand and being able to access future interlining or code share opportunities providing greater choice to customers,” Ms Chong Phit-Lian said.
“In recent days we have successfully reached agreement between our respective airlines to ensure the customer experience is consistent.
“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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Simone Pregellio Manager Corporate Communications M: +65 (0) 965 18810
Simon Westaway Head of Corporate Relations - Jetstar M: +61(0) 401 994 627
James Best Aziam Burson-Marsteller 662-252-9871
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