Jetstar HK changes voting structure

1 Sep 2014 by Clement Huang

It appears that Jetstar Hong Kong may see the light of day after all.

The low-cost carrier's board announced in February that it had made changes to the airline's voting structure, which now gives local investor Shun Tak Holdings a majority 51 per cent voting right, while Qantas Airways, which previously held 33 per cent now controls 24.5 per cent, the same as China Eastern.

As confirmed by Jetstar Hong Kong, the new voting structure does not represent any changes to the overall financial ownership of the carrier, which remains an equal third held by all three parties.  

Up till now, Jetstar Hong Kong has faced difficulties getting its operating license, due to disputes over the ownership of the company.

In fact, just weeks ago John Slosar, the chairman of Cathay Pacific reiterated that Jetstar Hong Kong would not be able to operate out of the Chinese special administrative region as the company is based in Melbourne, Australia, “by their own admission” (see here).

The long delay has already forced the carrier to sell six of its nine Airbus A320s that have been sitting idly at the manufacturer’s headquarters in Toulouse

This restructuring could provide the airline with the credentials needed as a Hong Kong-based company to get it off the ground, although it may still have to wait until next year for a scheduled hearing to discuss its case.

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Clement Huang

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