Singapore’s Temasek mull stakes in Hong Kong’s airlines
Singapore state investor Temasek Holdings has showed interest in buying Chinese conglomerate HNA’s Hong Kong-based carriers, namely Hong Kong Airlines and Hong Kong Express Airways.
A Hong Kong Airlines passenger plane taxies on the tarmac at Hong Kong Airport in Hong Kong, China (Photo: Reuters)
Singapore (VNA) – Singapore state investor Temasek Holdings has showedinterest in buying Chinese conglomerate HNA’s Hong Kong-based carriers, namely HongKong Airlines and Hong Kong Express Airways.
Last week, Temasek, the majority shareholder in Singapore Airlines Ltd, andHNA, an aviation-to-financial services conglomerate, agreed to explore businesspartnerships in aviation and logistics.
HNA is looking to raise funds for the Hong Kong airlines and Temasek is apotential investor.
A stake in Hong Kong airlines is expected to help Temasek get an aviation footholdcloser to mainland China.
Corrine Png, the chief executive of Crucial Perspective, a transport researchfirm, estimated that Hong Kong Airlines would be valued at about 1.1 billionUSD and HK Express at some 300 million USD.
Hong Kong Airlines has 37 mostly wide-body jets with 24 more on order as itexpands into long-haul markets in North America and Europe. Meanwhile, HongKong Express has 24 narrow body jets.
Earlier, Temasek and Singapore Airlines had targeted the Chinese market with aplanned purchase of a 24 percent stake in China Eastern that was rejected bythe mainland carrier’s shareholders in 2008. The stake, then worth 923 millionUSD, would now be valued at 3.4 billion USD.-VNA
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A Hong Kong Airlines passenger plane taxies on the tarmac at Hong Kong Airport in Hong Kong, China (Photo: Reuters) 
