With strong govt support, the national carrier and S'pore air hub can be poised to soar again
"Through the Government's support for the aviation sector and, if necessary, more direct support measures, we will make sure that SIA is able to come through this in good shape," said Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Thursday when he unveiled a $48.4 billion package to support businesses, workers and families battered by the coronavirus pandemic.
Last year, the SIA Group, comprising the parent carrier, regional arm SilkAir, budget carrier Scoot and SIA Cargo, accounted for more than half of Changi Airport's passenger traffic and cargo volumes. On top of that, SIA has been thrown a $15 billion lifeline, backed by Temasek which owns 55 per cent of the carrier. The plan is to issue new shares to current shareholders and mandatory convertible bonds. Temasek has pledged to take up shares and bonds that are not subscribed to.The liquidity is critical for the Singapore carrier which has slashed 96 per cent of its capacity and grounded 138 out of 147 SIA and SilkAir planes.
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Source: The Straits Times - 🏆 8. / 63 Read more »