US Investment Firm Acquires A Significant Stake In Rex
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Perea Capital, a US private equity firm, has made Rex Airlines’ first significant investment, giving the airline a solid boost to its image as the travel industry works to put the covid pandemic’s enduring effects in the past.
Omar Musa, the managing partner of Perea Capital, reported to the Australian Stock Exchange on 1 December 2022 the acquisition of 5,913,739 shares of Regional Express Holdings through a series of off-market transactions over the preceding four months. Parea Capital subsequently became a significant stakeholder (5 per cent or more).
Parea’s stake was worth AUD 8,574,922 as of Friday, 6 January 2023, when Regional Express Holdings Limited shares were trading at AUD 1.45.
5.26 Perea acquired percent of the company from Ming Yew See Toh and Hui Ing Tjoa, who, on 28 November, sold 4,200,000 ordinary shares for a total of AUD 6,216,000 in an off-market transaction. Perea acquired the remaining 1,713,739 shares through exchanges with other sellers.
Toh and Tjoa owned a combined 6.62 percent of Rex before the transaction.
After being profitable in September, domestic jet operations at Rex Airlines reported a $2 million before-tax profit for October.
The airline expects to make money this fiscal year despite inflation and rising fuel prices.
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