Capital Group snaps up 2.2mn shares in Wizz Air

- Finance - Sep 18, 2017

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.

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