Rex set to jet away

With PAG’S support, I have every reason to believe that Rex can successfully launch its domestic major city jet operations Lim Kim Hai, Regional Express Executive Chairman

REGIONAL Express is one major step closer to setting up jet operations on the “golden triangle” of routes between Australia’s east coast capital cities, after securing up to $150 million in funding from Asia-pacific investment manager PAG Asia Capital. The private equity firm manages more than US$40 billion in assets, and will make its investment in the form of convertible notes which, if fully drawn down and converted into Rex shares would give the investor a

48% stake in the airline.

The first $50 million will be accessed in December, with PAG entitled to take two directorships on the Rex board. The airline’s Executive Chairman Lim Kim Hai said he was confident that Rex would “deliver to Australians an alternative major city domestic service that is safe, reliable and affordable”. “With PAG’S support, I have every reason to believe that Rex can successfully launch its domestic major city jet operations,” he said.