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Aussie airline deal 'to extend reach in south-east Asia'27 April 2007
A deal which will see Australian airline Qantas take a 30 per cent stake in the second largest carrier in Vietnam is expected to be completed within the next few months, it has been revealed.Qantas plans to manage its investment in Pacific Airlines, which was welcomed as an "important" deal by company bosses and is designed to extend the airline's reach into south-east Asian markets.
The deal was done through the State Capital Investment Corporation, the investment arm of the Vietnamese government, which Qantas plans to work in collaboration with to establish a new business strategy in light of the recent agreement.
"Pacific Airlines' strategy is to reposition itself as a low cost carrier and expand its operation both within Vietnam and internationally," said Peter Gregg, chief financial officer at Qantas.
"The Qantas Group is uniquely placed to help implement this approach," he added.
Earlier this week, Qantas announced details of its plan to increase the number of flights it will operate between Australia and South Africa around the turn of next year.
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