Commodities

Japanese fund Advantage Partners looking to invest in Star Flyer - report

Japanese fund Advantage Partners is looking to invest in domestic airline Star Flyer Inc, offering much-needed funding amid a slump in air travel, Kyodo News reported on Monday.

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.

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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More