VBPC: Are you SURE $200 million or whatever will last them 3 years?! SQ/Temasek obviously didn't want to pump more money in which is why they went for this IPO, taking advantage of a time when sentiment on the stock market is high, where the mom and pop investors will buy rubbish. SIA's stake will be reduced to about a third from 49% after this IPO.
The only reason Tiger set up shop in Australia was because all the other South East Asian countries where Air Asia isn't at, rejected them. The Philippines rejected their Clark base, Korea rejected their ICN base..... It is a typical story of Singapore's government-linked companies.
Since most of the region is typically suspicious of Singapore's companies setting up shop there, (large investments like Temasek Holdings' purchase of Thailand's Shin Corp resulted in a military coup, the Indonesian govenrment forced Singapore Technologies to offload its stake in the no.2 telco because Singtel had a stake in the no. 1 telco etc etc etc) many government-linked companies just head to Australia because it is "safe" and welcoming of their capital. (And they tend to overpay as well. Optus never made a profit prior to Singtel taking it over and they paid $17 billion for it.)
Nearly every sizeable government-linked company has huge operations in Australia. Chances are you if you pick up the phone, use electricity or go shopping in Australia (especially in VIC/NSW) you would be transacting with some Singapore government-linked company.