Singapore Airlines rules out acquisition of Virgin Australia
Posted 24 Jun 2016 11:28 Updated 24 Jun 2016 11:37
SINGAPORE: Flag carrier Singapore Airlines (SIA) has ruled out buying a majority stake in Virgin Australia, saying its interests in the market are “best served through an independent Virgin Australia”.
The statement on Friday (Jun 24) comes after speculation that SIA was interested in acquiring Virgin Australia, following news that Air New Zealand plans to sell its 25.9 per cent stake in the Australian airline.
“SIA wishes to put on record that it has not contemplated taking a majority stake in Virgin Australia. SIA’s interests in the Australian market - as well as in Virgin Australia itself - are best served through an independent Virgin Australia,” SIA spokesperson Nicholas Ionides said.
The Singapore carrier currently has a 20.09 per cent stake in Virgin Australia, and has committed to supporting the Australian airline’s recently announced entitlement offer. This could increase SIA’s shareholding to a maximum of 25.9 per cent, should other Virgin Australia shareholders not take up their entitlements.
“SIA and Virgin Australia have an extensive commercial partnership that has gone from strength to strength over the past five years, providing many consumer benefits. SIA is confident of the long-term prospects of Virgin Australia and is committed to supporting its long-term growth,” Mr Ionides said.
- CNA/cy
- wong chee tat :)
Showing posts with label SIA. Show all posts
Showing posts with label SIA. Show all posts
Monday, June 27, 2016
Thursday, January 31, 2013
SIA to axe 76 pilots due to surplus
SIA to axe 76 pilots due to surplus
By Yvonne Chan | Posted: 30 January 2013 1815 hrs
SINGAPORE: Singapore Airlines (SIA) said on Wednesday that it has taken the difficult decision of asking 76 pilots on fixed-term contracts to leave by end of June.
It said in a statement that it is releasing them before their contracts expire.
The airline had previously been releasing pilots only when their contracts expired.
SIA said it will help the pilots find jobs within the SIA Group and with other airlines.
The airline currently has a surplus of pilots as the global financial crisis of 2009-10 had resulted in excess capacity and slower-than-expected growth.
SIA saw its net profit in the first-half of the current fiscal year ending March fall by 30 per cent on-year. This followed a 69 per cent drop in net profit in the airline's financial year ending March 2012.
It had earlier put in place other measures to address the surplus. These included voluntary no-pay leave and the suspension of cadet pilot recruitment.
No financial details of the cuts have been released.
Leithen Francis, editor of Aviation Week, said: "Things are pretty good in Asia in terms of economic growth but a lot of SIA business is long-haul, places like the Europe and the US where the economic situation is not so good.
"A lot of the growth last year was in short-haul international services, so that means a lot of flights between say Singapore and Malaysia, and Malaysia and Thailand... So even though the market will grow in 2013, we may have a situation where the growth is on short-haul and not so much on long-haul, which doesn't really help Singapore Airlines mainline."
He added: "Another factor why SIA is announcing cuts is because its announced recently that its retiring its five A340 aircraft. These are the non-stop aircraft that flew from Singapore to New York and Los Angeles.
"The fact that its retiring those A340 aircraft means it no longer requires its A340 pilots. So some of the pilots have lost their contracts are A340s pilots, although the majority of the pilots from what I understand are (Boeing) 777 pilots."
Pilots employed on fixed-term contracts make up about 4 per cent of Singapore Airlines' total pilot workforce.
- CNA/al/ac
- wong chee tat :)
By Yvonne Chan | Posted: 30 January 2013 1815 hrs
SINGAPORE: Singapore Airlines (SIA) said on Wednesday that it has taken the difficult decision of asking 76 pilots on fixed-term contracts to leave by end of June.
It said in a statement that it is releasing them before their contracts expire.
The airline had previously been releasing pilots only when their contracts expired.
SIA said it will help the pilots find jobs within the SIA Group and with other airlines.
The airline currently has a surplus of pilots as the global financial crisis of 2009-10 had resulted in excess capacity and slower-than-expected growth.
SIA saw its net profit in the first-half of the current fiscal year ending March fall by 30 per cent on-year. This followed a 69 per cent drop in net profit in the airline's financial year ending March 2012.
It had earlier put in place other measures to address the surplus. These included voluntary no-pay leave and the suspension of cadet pilot recruitment.
No financial details of the cuts have been released.
Leithen Francis, editor of Aviation Week, said: "Things are pretty good in Asia in terms of economic growth but a lot of SIA business is long-haul, places like the Europe and the US where the economic situation is not so good.
"A lot of the growth last year was in short-haul international services, so that means a lot of flights between say Singapore and Malaysia, and Malaysia and Thailand... So even though the market will grow in 2013, we may have a situation where the growth is on short-haul and not so much on long-haul, which doesn't really help Singapore Airlines mainline."
He added: "Another factor why SIA is announcing cuts is because its announced recently that its retiring its five A340 aircraft. These are the non-stop aircraft that flew from Singapore to New York and Los Angeles.
"The fact that its retiring those A340 aircraft means it no longer requires its A340 pilots. So some of the pilots have lost their contracts are A340s pilots, although the majority of the pilots from what I understand are (Boeing) 777 pilots."
Pilots employed on fixed-term contracts make up about 4 per cent of Singapore Airlines' total pilot workforce.
- CNA/al/ac
- wong chee tat :)
Wednesday, December 12, 2012
SIA sells Virgin Atlantic stake to Delta Air Lines
SIA sells Virgin Atlantic stake to Delta Air Lines
Posted: 11 December 2012 2303 hrs
SINGAPORE: Singapore Airlines has confirmed it is selling its 49% stake in Richard Branson's Virgin Atlantic to Delta Air Lines for US$360 million (S$439 million) in cash.
The deal requires regulatory approval and is expected to close by the end of next year.
SIA acquired the stake in Virgin Atlantic more than 12 years ago.
In a filing with the Singapore Exchange on Tuesday, the carrier said it had been evaluating strategic options for its stake for some time, as the investment has not performed to expectations.
It added that commercial arrangements with Virgin Atlantic, including codesharing and frequent-flyer programme ties, are expected to remain in place after the divestment.
Separately, Delta Air Lines said it will form a joint venture with Virgin Atlantic.
Under the accord, Virgin and Delta will share costs and revenues on routes between New York and London.
Virgin Group and Richard Branson will retain a controlling stake in Virgin Atlantic.
The deal will enable Delta to expand at London's Heathrow airport, a lucrative hub for corporate passengers where landing slots are generally hard to acquire.
- CNA/ir
- wong chee tat :)
Posted: 11 December 2012 2303 hrs
SINGAPORE: Singapore Airlines has confirmed it is selling its 49% stake in Richard Branson's Virgin Atlantic to Delta Air Lines for US$360 million (S$439 million) in cash.
The deal requires regulatory approval and is expected to close by the end of next year.
SIA acquired the stake in Virgin Atlantic more than 12 years ago.
In a filing with the Singapore Exchange on Tuesday, the carrier said it had been evaluating strategic options for its stake for some time, as the investment has not performed to expectations.
It added that commercial arrangements with Virgin Atlantic, including codesharing and frequent-flyer programme ties, are expected to remain in place after the divestment.
Separately, Delta Air Lines said it will form a joint venture with Virgin Atlantic.
Under the accord, Virgin and Delta will share costs and revenues on routes between New York and London.
Virgin Group and Richard Branson will retain a controlling stake in Virgin Atlantic.
The deal will enable Delta to expand at London's Heathrow airport, a lucrative hub for corporate passengers where landing slots are generally hard to acquire.
- CNA/ir
- wong chee tat :)
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