Regional Express (ASX:REX) obtain Commonwealth funding

Company News

by Rachael Jones

Regional Express (ASX:REX) has today signed a Commonwealth Grant Agreement under the COVID-19 Regional Airline Network Support (RANS) program.

Under the program, regional airline carriers will be provided assistance to maintain a minimal weekly schedule to regional and remote ports.

The RANS program will provide funding for up to six months with an initial approval for six weeks.

Under the Grant Agreement, Rex will receive funding to operate 1-2 return services a week to most destinations on the Rex network.

Three of the State Governments, being Queensland, Western Australia and South Australia, have also committed to funding additional services on top of what the Federal Government package is providing.

Shares in Regional Express (ASX:REX) are trading 1.2 per cent higher at 85 cents.