REX AND SINGAPORE
THE STAR ONLINE
Singaporeans own 30% of new Australian airline
SINGAPORE (AP) - Eight Singaporean investors have purchased a 30 percent stake in the new regional Australian airline Regional Express for an undisclosed sum, one of the investors said Tuesday.
Lee Thian Soo said by telephone from Australia that he and seven others had pooled their resources and invested in the new airline together.
Regional Express, known as REX, is owned and operated by Australiawide Airlines, a consortium resulting from the merger of Australian regional carriers Kendall and Hazelton Airlines.
The new airline took to the skies Tuesday.
With its stake, the group claims the largest single block of shares in the consortium and is allowed two seats on the Australiawide board, said Lee, an independent Singapore-based financial consultant.
The investors are an ad hoc group of Singaporean businessmen, Lee said, declining to name the other investors except for his fellow Australiawide board member, Lim Kim Hai.
The new airline plans to approach Singapore Airlines to propose an inter-airline alliance soon, Lee said.
Singapore Airlines declined to comment on the potential alliance proposal.
"We do not comment on speculative reports on our investments,'' Singapore Airlines spokesman Innes Willox said Tuesday. - AP
THERE YA GO BILL, I'LL GIVE YOU SIX MONTHS TO EAT YOUR WORDS!!!!
Last edited by Aladdin; 6th Aug 2002 at 12:34.