After months of rumors about ownership restructuring, it has been announced that Vietnam Airlines will become the new majority stake-holder in budget airline Jetstar Pacific. Vietnam Airlines will hold approximately 70% of the shares with Australian Qantas holding the other 30%.
“This partnership brings together the proven low cost model of Jetstar with the unique local knowledge and existing networks of national carrier Vietnam Airlines,” Qantas chief Alan Joyce said in a statement.
Under the new structure, the struggling Jetstar Pacific airline will receive $25 million in funding to upgrade its fleet. The new Jetstar pacific CEO and Chairman are expected to be named in the following weeks.
