Qantas (QF, Sydney Kingsford Smith) has sold its 12.4% shareholding in Australian and New Zealand travel distribution company Helloworld Travel Limited (HLO) for about AUD33 million Australian dollars (USD21 million) as it sharpens its focus on post-Covid recovery.

The national carrier had held a stake in the Melbourne-headquartered travel management company (TMC) since 2008 when it was spun off from a merger of Qantas Holidays and Jetset Travel. Qantas's shareholding in Helloworld steadily reduced since then through various transactions and as HLO's structure evolved, the airline said in a statement.

The airline offloaded its shareholding at a price of AUD1.72 (USD1.10) per share, which will be recognised in its FY2023 accounts.

Qantas Group Chief Financial Officer Vanessa Hudson said the time was right for Qantas to exit as an HLO shareholder. "We've announced some major investments this year as we focus on what is core to the Group going forward, including fleet renewal, growing our network, and a successful expansion into the e-commerce holiday booking space with TripADeal.

"We'll continue to have a very strong relationship with Helloworld as a trade partner, and travel agencies, in general, remain an important pillar of how millions of trips are booked every year," Hudson added.

The divestment of HLO follows Qantas's sale of almost 14 hectares (140,000 square metres) of industrial land near its Mascot headquarters in Sydney for AUD802 million (USD514 million) in late 2021.

HLO, in a separate statement, said Qantas had sold its shareholding in the company via a fully underwritten book built with institutional shareholders. "This sale significantly expands our free float," said Chief Executive Officer Andrew Burnes. HLO has more than 2,000 agency and broker members in Australia and New Zealand. The business comprises retail travel networks, air ticket consolidation, wholesale travel services, destination management services, and freight and coach operations.