A third of Jetstar Hong Kong's shares were today purchased by Hong Kong-based Shun Tak Holdings for US$66 million. The other two stakeholders are Qantas and China Eastern (see story here).
The launch of the low-cost carrier, initially planned for the middle of this year (see story here), was pushed back due to delays in gaining regulatory approval from the Chinese and Hong Kong authorities (see story here). The introduction of a local partner is believed to be helpful to the process.
Founded by Hong Kong and Macanese business magnate Stanley Ho, Shun Tak has a wide range of investments including ferry services between Hong Kong and Macau, their airports (as well as Shenzhen's), properties, hotels and MICE management. Ho also founded, and still co-owns, Hong Kong Express Airways.
“Shun Tak’s long history in tourism and transportation businesses will further deepen the experience behind Jetstar Hong Kong,” says the Hong Kong chief executive officer for the airline Edward Lau.
The airline has submitted its operating licence application to the Air Transport Licensing Authority and is awaiting approval. The licence is expected to be granted by the end of this year.
The airline aims to serve destinations within five hours of Hong Kong, which include routes to Southeast Asia, Japan, South Korea and Mainland China.
Its first A320 has been ordered. Expansion plans forecast a fleet of 18 A320s by 2015.
For more information, visit www.jetstar.com
Valerian Ho
