Forum Archive Index - April 2000

["malcolm coleman" <malcolmcoleman@hotmail.com>]

Read this 10 minutes ago on Uk News website...

SIA buys 16.7 pct Air New Zealand stake from Brierley for 285 mln nzd

SINGAPORE (AFX) - Singapore Airlines said it acquired the 16.7 pct equity of 
Brierley Investments Ltd in Air New Zealand Ltd for 3.0 nzd per share or a 
total of 285 mln nzd.The latest purchase, comprising ordinary B shares, 
brought SIA's stake inthe airline to 25 pct, the maximum equity which a 
foreign airline can own in  the New Zealand carrier. SIA, following the 
acquisition, will also have a strategic stake in Ansett Holdings Ltd which 
is 50 pct owned by Air New Zealand.
   Air New Zealand will be taking over the remaining 50 pct of Ansett soon, 
a SIA statement said. "SIA's ultimate objective is to become a global group 
of airline and ailine-related companies. This stake in Air New Zealand and, 
indirectly,  Ansett,is another important step towards that goal," SIA deputy 
chairman and CEO  Cheong Choong Kong said. Both Air New Zealand and Ansett 
will maintain their brand images and national identities, he said." We are 
not seeking to change that in any way.  Both are excellent carriers... We 
intend to work closely with them to build on their strengths to make them a 
strong global aviation force," Cheong said.
SIA closed up 0.60 at 17.80 sgd on volume of 1.64 mln shares.


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