Japanese fund Advantage Partners looking to invest in Star Flyer - report (updated)
26/10/2020 08:44
(Adds background on airlines and pandemic, Star Flyer)
TOKYO, Oct 26 (Reuters) - Japanese fund Advantage Partners
is looking to invest in domestic airline Star Flyer Inc
9206.T , offering much-needed funding amid a slump in air
travel, Kyodo News reported on Monday.
Star Flyer is planning a third-party allocation of new
shares to raise about 10 billion yen ($95 million), according to
recent media reports. Advantage Partners is looking to take
part, on condition that existing shareholders also participate,
Kyodo said, citing sources.
Global airlines are facing record losses as the coronavirus
pandemic discourages travel.
ANA Holdings Inc 9202.T , Star Flyer'a biggest shareholder
with an 18% stake, expects a net loss of around 500 billion yen
($4.8 billion) for the year to March, and is eyeing cuts to both
jobs and its aircraft fleet, a source with direct knowledge said
last week. urn:newsml:reuters.com:*:nL4N2HD0WY
ANA and its rival Japan Airlines 9201.T are also getting
government help, including a waiver on airport landing fees.
Star Flyer officials were not immediately available for
comment. Its other investors include toilet maker Toto 5332.T ,
Yaskawa Electric Corp 6506.T and Nissan Motor Co 7201.T .
($1 = 104.8100 yen)
(Reporting by Chang-Ran Kim and Junko Fujita; Editing by Himani
Sarkar and Jan Harvey)
((ran.kim@thomsonreuters.com; +81-3-4563-2740;))