Singapore Air eyes acquisitions in China, India

Singapore Air eyes acquisitions in China, India
Comment E-mail Print Share
First Published: Mon, Jun 08 2009. 03 25 PM IST
Updated: Mon, Jun 08 2009. 03 25 PM IST
Kuala Lumpur: Singapore Airlines, the world’s leading carrier by market value, is still keen on acquisitions in China and India, its CEO said on Monday, just weeks after indicating it had no plans to revive talks to take a stake in China Eastern.
“We are still interested in the consolidation of the industry,” Chew Choon Seng told reporters on the sidelines of an aviation meeting in Kuala Lumpur.
Chew singled out India and China as markets the Singapore flag carrier was most keen on.
Last year, Singapore Airlines, along with majority shareholder Temasek, offered $920 million for a combined 24% stake in China Eastern, but the Chinese carrier’s shareholders rejected the bid, which also faced strong opposition from rival Air China.
According to UBS, Singapore Airlines had net cash of around $1.85 billion at end-March, putting the carrier in a stronger position relative to rivals also hit by falling passenger and cargo loads.
Comment E-mail Print Share
First Published: Mon, Jun 08 2009. 03 25 PM IST