Singaporean investor group swoops on REX
August 7 2002 SMH
Eight Singaporean investors had purchased a 30 per cent stake in the new regional Australian airline Regional Express for an undisclosed sum, one of the investors said yesterday.
Regional Express, known as REX, is owned and operated by Australiawide Airlines, a consortium resulting from the merger of Australian regional carriers Kendell and Hazelton Airlines. The new airline took to the skies yesterday.
With its stake, the group claimed the largest single block of shares in the consortium and was allowed two seats on the Australiawide board, said Mr Lee Thian Soo, one of the airline investors.
The investors were an ad hoc group of Singaporean businessmen, Mr Lee said, declining to name the others except for his fellow Australiawide board member, Lim Kim Hai.
The new airline planned to approach Singapore Airlines to propose an inter-airline alliance soon, Mr Lee said. Singapore Airlines declined to comment on the potential alliance proposal.