Singapore Airlines Cargo has signed an agreement to form
a joint venture cargo airline with China Great Wall Industry
Corporation (CGWIC) and Dahlia Investments Pte Ltd, a wholly
owned subsidiary of Temasek Holdings (Pte) Ltd on 18 May 2005.
The new cargo airline, named "Great Wall Airlines Company
Limited", will be incorporated in Shanghai, China.
CGWIC will own 51% of the joint venture, Singapore Airlines
Cargo will own 25%, and Dahlia Investments will own 24%. Singapore
Airlines Cargo's stake of 25% is the maximum that a foreign
airline investor is allowed.
Singapore Airlines Cargo's investment in the joint venture
over the next three years is projected at RMB250 million.
Great Wall Airlines plans to begin operations in the first
half of 2006. Besides destinations within China, it plans
to operate wide body freighters to the major cargo markets
in USA, Europe, North East Asia and South West Asia.
About Singapore Airlines Cargo:
A wholly-owned subsidiary of Singapore Airlines, SIA Cargo
operates a fleet of 14 Mega Ark Boeing 747-400 freighters
on a global network that extends to 75 cities in 38 countries.
Two new Boeing 747-400 freighters are scheduled to join the
fleet later this year and the airline also has orders for
three Boeing 747-400 passenger to freighter conversions, which
will be delivered between 2007 and 2009.
About China Great Wall Industry Corporation:
China Great Wall Industry Corporation (CGWIC) is a large
state-owned enterprise established in 1982. Its core business
is international trade and commercial satellite launch services.
Since 1992, CGWIC has been engaged in the CIS cargo charter
business, and has up to one third of the charter market share.
The establishment of the Great Wall joint venture airline
expands the business scope of CGWIC, to be a major player
in mainstream international air cargo market.
About Temasek Holdings (Pte) Ltd:
Temasek Holdings is an Asian investment company headquartered
in Singapore.
Established in 1974, it manages a diversified global portfolio
of S$90 billion, spanning Singapore, Asia and the OECD economies.
Its investments are in a range of industries: telecommunications
and media, financial services, property, transportation and
logistics, energy and resources, infrastructure, engineering
and technology, as well as pharmaceuticals and biosciences.
Singapore-based Temasek-linked companies include listed firms
such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation
and Neptune Orient Lines. Its recent investments include ICICI
Bank, Matrix Laboratories and the Apollo Hospital group in
India, Bank Danamon and Bank Internasional Indonesia in Indonesia,
Quintiles Transnational Corp in the US, as well as Telekom
Malaysia.
Contact
Singapore Airlines Ltd
Public Affairs Dept
Tel:(65)651 5880 (office hours)
Tel: (65)9753-2126 (after office hours)
Fax: (65)65456083
URL: www.singaporeair.com
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