Rex confirms $150m investment to fly capital cities

Rex has finally signed off on a A$150m investment that will allow it to launch flights between Sydney, Melbourne and Brisbane from March next year. The airline will draw down an initial $50m in January next year from PAG Asia Capital and the deal will see the APAC organisation nominate two directors to sit on the board. Rex’s executive chairman Lim Kim Hai said, “I look forward to tapping into the experience and expertise of PAG’s nominated directors whose professionalism I have grown to respect over the last few months of extensive discussions.” The pair first revealed they were in advanced negotiations in September but today’s news means the airline can confirm it will fly Sydney–Melbourne with three aircraft on 1 March 2021, before ramping up to five by Easter. “Once the initial services are well established, we aim to progressively grow our fleet to cover all the major cities in Australia,” said Lim.<br/>