Rex has signed a sale-and-purchase agreement which will result in its subsidiary, Rex Freight and Charter (RFC), acquiring 100% of National Jet Express (NJE), the regional services arm of Cobham Aviation Services Australia (Cobham).
NJE is a leading provider of Fly-In Fly-Out (FIFO) services in Western and South Australia. In addition, it operates freight services from Sydney to Adelaide, Brisbane, Melbourne and the Gold Coast (Coolangatta), as well as air charter services in Papua New Guinea. Revenue for NJE in the calendar year 2021 was AU$142 million (£81 million). Completion of the sale will be subject to regulatory approvals, including FIRB approval. It is envisaged that shareholder approval will not be required.
Commenting on the purchase, Rex’s Executive Chairman, Lim Kim Hai said, “FIFO services are expected to experience strong growth in Australia and this acquisition positions the Rex Group to participate in this booming sector.”
