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Jetstar Japan announces new strategic partner
- Jetstar Japan welcomes Century Tokyo Leasing Corporation as its fourth shareholder.
- Century Tokyo Leasing Corporation to purchase stock from Mitsubishi Corporation.
- Synergies created will enable more innovative, better value services to Jetstar Japan customers.
Jetstar Japan will welcome Century Tokyo Leasing Corporation as its fourth shareholder in the new low fares airline.
The transaction will be concluded when Mitsubishi Corporation transfers half of its current 33.3% voting rights stock in Jetstar Japan to Century Tokyo Leasing Corporation on 27 March 2012.
The new partnership reinforces Jetstar Japan’s financial foundation by adding an additional stockholder and creating a strategic operational tie-up ahead of the start of services on 3 July 2012*. This transaction will not affect the total capital or capital reserves.
CEO of the Jetstar Group, Bruce Buchanan, said: “Partnership is key for the Jetstar Group as we continue to succeed in Asia. The response to our search for a fourth shareholder for Jetstar Japan was extremely strong, with more than 100 companies expressing a willingness to invest in the Jetstar brand.
“Our shortlist of applicants contained very well-credentialed organisations. This put us in a fortunate position of being able to choose the absolute best fit for Jetstar Japan, which is Century Tokyo Leasing,” added Mr Buchanan.
Jetstar Japan CEO Miyuki Suzuki said: “Century Tokyo Leasing and it related companies have diverse business interests, creating a great base for long term strategic partnership and excellent leveraging opportunities for Jetstar Japan, ranging from their aircraft leasing to significant credit card membership. It is through these synergies that Jetstar Japan will be able to offer more innovative services and better value to Japanese consumers.
“This transfer of stock is supported by Japan Airlines and Mitsubishi Corporation, our strategic partners since establishment,” Ms Suzuki added.
Century Tokyo Leasing Corporation President & CEO Shunichi Asada said: “It is an honour to be one of Jetstar Japan’s strategic partners. Jetstar is already a strong and trusted brand in Japan and this new airline will help put air travel within reach for more people through low fares. Making travel more accessible within Japan will connect people, boost tourism and create new employment opportunities. Century Tokyo Leasing is very pleased to be able to contribute to this by becoming part of Jetstar Japan.”
Once the share transfer is completed, holding ratios in Jetstar Japan will be Jetstar Group with 33.3%, Japan Airlines Co., Ltd. with 33.3%, Mitsubishi Corporation with 16.7% and Century Tokyo Leasing Corporation with 16.7% on a voting rights basis.
The Jetstar Group is one of the Asia Pacific's largest low fares network by revenue.
It is made up of Jetstar Airways (subsidiary of the Qantas Group) in Australia and New Zealand; Jetstar Asia in Singapore; Jetstar Pacific in Vietnam; Jetstar Japan; and, subject to regulatory approval, Jetstar Hong Kong.
Jetstar branded carriers operate more than 4,000 flights a week to more than 60 destinations. The Jetstar Group carried more than 25 million passengers in financial year 2014.