Singapore’s Temasek mull stakes in Hong Kong’s airlines
Singapore state investor Temasek Holdings has showed interest in buying Chinese conglomerate HNA’s Hong Kong-based carriers, namely Hong Kong Airlines and Hong Kong Express Airways.
A Hong Kong Airlines passenger plane taxies on the tarmac at Hong Kong Airport in Hong Kong, China (Photo: Reuters)Singapore (VNA) – Singapore state investor Temasek Holdings has showed interest in buying Chinese conglomerate HNA’s Hong Kong-based carriers, namely Hong Kong Airlines and Hong Kong Express Airways.
Last week, Temasek, the majority shareholder in Singapore Airlines Ltd, and HNA, an aviation-to-financial services conglomerate, agreed to explore business partnerships in aviation and logistics.
HNA is looking to raise funds for the Hong Kong airlines and Temasek is a potential investor.
A stake in Hong Kong airlines is expected to help Temasek get an aviation foothold closer to mainland China.
Corrine Png, the chief executive of Crucial Perspective, a transport research firm, estimated that Hong Kong Airlines would be valued at about 1.1 billion USD and HK Express at some 300 million USD.
Hong Kong Airlines has 37 mostly wide-body jets with 24 more on order as it expands into long-haul markets in North America and Europe. Meanwhile, Hong Kong Express has 24 narrow body jets.
Earlier, Temasek and Singapore Airlines had targeted the Chinese market with a planned purchase of a 24 percent stake in China Eastern that was rejected by the mainland carrier’s shareholders in 2008. The stake, then worth 923 million USD, would now be valued at 3.4 billion USD.-VNA
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