10:41am: Bloomberg reports that Qantas and China Eastern Airline’s Hong Kong budget airline venture sold a stake in their airline to a company founded by billionaire Stanley Ho, which will help pave the way for an operating license.
The low-cost carrier, called Jetstar Hong Kong, sold a 33.3 per cent stake to Shun Tak Holdings, Sydney-based Qantas said in a statement today.
Qantas and China Eastern will hold 33.3 per cent each, according to the statement. The total capitalisation of Jetstar Hong Kong remains unchanged at $US198 million.
With the addition of the partner, Qantas group cut its initial planned equity investment to $US66 million from up to $US99 million. China Eastern and Shun Tak will also contribute up to $US66 million each, the statement said.
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