Manufacturing Industry
WestJet Airlines and Ontario Teachers' Pension Plan extend equity agreement
Airline Industry Information, August 31, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Canadian carrier WestJet Airlines has announced that it has extended an agreement with the Ontario Teachers' Pension Plan which could raise CAD100m for the airline.
The previous equity sale between the two groups was set to end on 28 August 2004 but has now been extended until 10 September 2004 which could see an extra CAD100m raised through stock sales to the retirement fund.
The Ontario Teachers' Pension Fund owns 15% of WestJet making it the airline's biggest shareholder. The extension was agreed to help raise funds for fleet and service expansion, reports Bloomberg.
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