Perth-based fly-in, fly-out airline National Jet Express has come under the full ownership of two Singapore-based directors including former Rex Airlines chairman Lim Kim Hai.
Perth-based fly-in, fly-out airline National Jet Express has come under the full ownership of two Singapore-based directors including former Rex Airlines chairman Lim Kim Hai.
National Jet was previously half-owned by ASX-listed Rex, which has been in voluntary administration since July.
The balance was held by Mr Lim (30 per cent) and Tjoa Thian Song (20 per cent).
Mr Lim was executive chairman of Rex until June but continues as a director and is its largest shareholder while Mr Tjoa is a major shareholder in Rex.
In a brief statement, NJE said the two directors have finalised the acquisition of all the partly-paid NJE shares registered to Air Partners Pty Ltd, which was part of Rex Group.
The purchase price was not disclosed.
The deal comes a little over two years after Rex announced a $48 million deal to acquire NJE, which was previously the FIFO arm of Cobham Aviation.
A number of changes and adjustments were subsequently made to the transaction.
Rex’s 2023 annual report disclosed that Mr Lim acquired a 30 per cent stake in NJE for $14.4 million and Mr Tjoa bought a 20 per cent holding for $9.6 million.
It also disclosed that the total consideration had increased to $53.7 million “which relates to a cash repayment to the vendor”.
Rex’s half-year report to September 2023 disclosed further changes, with Cobham agreeing to waive the $5.5 million cash repayment and pay Rex a settlement sum of $3.2 million.
The half-year report also disclosed NJE had generated revenue of $118.7 million for that period, implying annual revenue of circa $240 million.
It revealed NJE incurred after-tax loss of $997,000 for the half-year.
NJE’s core business has been fly-in, fly-out charter services in WA and SA.
It also provides freight services on the east coast and charter services in Papua New Guinea.
Under Rex’s ownership, it expanded into Queensland in 2023 after winning a contract with coal miner BHP Mitsubishi Alliance.
It grew to service seven charter destinations in Queensland.
It also became more integrated with Rex, operating passenger services to Carnarvon and Cairns.
NJE’s fleet of leased and owned aircraft comprises 10 De Havilland Dash 8-400 turboprops, seven Embraer 190 jets, four BAe 146 freighters and three De Havilland Dash 8-100 turboprops.
NJE is one of several assets sold by Rex since it was placed into administration.
Rex sold the Pel-Air ambulance business to Toll Holdings for $47.1 million.
The Australian government has agreed to provide up to $80 million to keep Rex’s regional routes running during a proposed extension of the voluntary administration to 30 June 2025.
The airline was placed into voluntary administration after an ill-fated expansion into major metropolitan routes.
