Capital Group snaps up 2.2mn shares in Wizz Air
Wizz Air's stock continues to rise after United States investment giant Capital Group increased its holding in the Hungarian budget airline.
Capital Group, the Los Angeles-based fund manager that runs over $1tn worth of investments, has acquired 2.2mn further shares in the company.
The purchase of the shares has increased Capital Group's interest in to 5.3% from 3%, making it Wizz Air's third largest stakeholder.
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Wizz Air, which was established in 2003 and runs flights to Israel and the United Arab Emirates as well as across Europe, has enjoyed significant recent growth in a competitive market.
Its last financial figures, released in July, revealed a 50.4% jump in net income for the first three months of its fiscal year, with a net profit of €58.1mn.
The company projects that, by 2020, its fleet will contain 120 aircraft, up 36 from its current number of 84. In August, it boarded 2.8mn passengers, up 24% compared to the same month in 2016.