In addition, SQ doesn't have a respective track record of investing in other airlines.
There was SQ's involvement by investing in the NZ/AN debacle, even though they had the chance to walk away from AN when NZ used their veto to block SQ from buying News Ltd's stake in AN.
SQ also invested in VS, which turned out to a complete financial disaster, which led to SQ selling up at a loss to DL.
There was also SQ's involvement in Tiger Airways Australia, which they ended up "selling to VA" to save face after all the
PR & maintenance debacles.
And then there's SQ's own 20% stake in VA. In the early years they were hands on (along with EY) during the early JB reign, spent a lot of Capital and tipped so much money (especially during the "capacity war") and it turned out to be a complete financial disaster.