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HK budget airlines seeks funding for fleet expansion
click rate:3761 issue time:2007-03-10 08:12

Mar. 7, 2007 (China Knowledge) – Oasis Hong Kong Airlines, the city's first budget, long-haul passenger carrier, aims to sell off shares to strategic investors later this year to fund its fleet expansion.

Oasis chairman Raymond Lee Cho-min said at a press briefing yesterday that the carrier intends to sell a 20% stake to investors through a private share placement in preparation for an initial public offering next year or in 2009. The company aims to raise about HK$10 billion through an IPO, he added.

Lee also said that the carrier will name an investment bank in the near term who will help them bring in strategic investors.

The carrier also announced plans to launch a Hong Kong-to-Vancouver route from late June and will offer six flights a week. This will be the carrier’s second overseas destination and it will compete against Cathay Pacific Airways <293> and Air Canada, which also offer direct flights to Vancouver.