Qantas announced a new ownership structure for Singapore-based Jetstar Asia and Valuair to provide a new platform for growth in line with its pan Asian growth strategy. The Qantas Group and the Singapore Company Westbrook Investments said it had acquired all shares in Orangestar Investment Holdings, the previous ownership holding structure, via a new holding company Newstar Investment Holdings. Westbrook, wholly owned by Mr Choo Teck Wong (Mr Dennis Choo), will have a 51% shareholding in Newstar and Qantas will hold the remaining 49%. Mr Choo, a Singapore national and partner with the Qantas Group for more than two decades, has significant experience in the travel and tourism industry and will become Chairman of Newstar. Jetstar Chief Executive Officer Bruce Buchanan and Orangestar Director Paul Edwards will also serve on the Board of the new entity. Ms Chong Phit-Lian will remain as Chief Executive Officer of both Jetstar Asia and Valuair.
Qantas Chief Executive Officer Alan Joyce said the change in shareholder structure would see Jetstar Asia and Valuair more closely align with Jetstar Australian operations and provide a platform for the Jetstar brand to grow into more markets in the region in anticipation of more open skies across Asia.
