Finally after years of somewhat complicated ownership in Jetstar Asia and Valuair, the situation has been resolved.
The former partners of Orangestar have effectively been bought out. And now the ownership comprises just 2 ownership players: Qantas Group (with 49%) and Westbrook with 51%. Westbrook is wholly owned by Mr Choo Teck Wong (Mr Dennis Choo). Newstar is the name of the new ownership vehicle.
With this change Tamasek (Singapore Inc) will exit the ownership ending its involvement in the enterprise. This also resolves the conflict between Tiger and Jetstar. The alignment of the Tiger shareholders with SQ is clear and Jetstar with QF. We can now look to more fierce competition between the two LCCs.
The operations of the airline remain the same and the 280 employees are unaffected by the change. Ms Chong Phit-Lian will continue to lead the organisation as Chief Executive Officer. Qantas will continue to provide branding support and integration into the rest of the Jetstar group. The Valuair brand will likely now disappear with a single operating certificate a likely outcome.
Phew!
Cheers
No comments:
Post a Comment