MONTREAL — Shares of Aeroplan parent company Aimia Inc. surged 10 per cent Monday after the company announced a partnership with Amazon.
Aimia’s shares gained 16 cents at $1.76 in morning trading on the Toronto Stock Exchange, paring some of last week’s losses after the company announced that members would no longer be able to earn miles at Esso gas stations starting June 1.
Aeroplan members will be able to earn points on most of their purchases on Amazon.ca starting on April 24.
The loyalty rewards program says members who visit Amazon.ca through the Aeroplan website will be able to earn at least one Aeroplan mile for every $1 dollar spent.
Members with silver and black status will earn up to twice the miles and those with diamond status receive up to triple the miles per transaction. Those using Aeroplan-affiliated credit cards will earn miles twice on purchases from Amazon.ca.
“Our members have big travel plans, so making every single purchase work hard for them — even as they change where they shop — is critical to our continued evolution as the trusted companion for savvy travelling Canadians,” stated Vince Timpano, Aimia’s coalitions president.
Loblaw Companies Ltd. and Imperial Oil Ltd. announced a deal on March 13 that will allow PC Optimum members to earn points at more than 1,800 Esso gas stations.
Aimia has been working to prepare for the end of its agreement with Air Canada.
The airline served notice last year that it does not plan to renew its 30-plus year partnership when the current contract ends in 2020.
Companies in this story: (TSX:AIM, TSX:L, TSX:IMO)
Ross Marowits, The Canadian Press