Temasek to take over Changi Airport

[BC Tam 2]

Temasek to take over Changi Airport

SINGAPORE, Oct 8 - Award-winning Changi Airport and its operating businesses will be sold to a Temasek-controlled company next year.

 

The yet-unnamed-company (Newco) will be headed by its new chairman, listed CapitaLand boss Liew Mun Leong. And its new chief executive officer will be Civil Aviation Authority of Singapore (CAAS) deputy director-general for operations Lee Seow Hiang.

 

Meanwhile, the government, through a newly created civil aviation authority, will continue steering national aviation policy and goals, while maintaining oversight and governance over the new monopoly operator. This authority will be headed by chairman Lee Hsien Yang, with Brig-Gen (NS) Yap Ong Heng as its new director- general.

 

The restructuring kicks in on July 1, 2009.

 

The changes were announced by Transport Minister Raymond Lim and Senior Minister of State for Transport Lim Hwee Hua yesterday morning.

 

This will be Temasek's first major foray into an airport investment, although it already has significant airline investments, which include Singapore Airlines, Tiger Airways, Jetstar Asia and Great Wall Airlines in China.

 

Lim explained that the corporatisation would enable the airport to stay nimble and capitalise on new opportunities, while retaining its talent. "The whole idea of transferring ownership to Temasek is to have a

clearer separation of the role of the policymaker, regulator and the operators," she said.

 

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read in full here

[Andrew Lim 1]

after ho ching's failed subprime investment, temasek still got money meh?

[leon t 0]

after ho ching's failed subprime investment, temasek still got money meh?

 

well no difference as temasek is 100% owned by s'pore govt anyway - and ex-civil servants will still be in charge. temasek can easily access the reserves - so plenty billions left for her to spend - but its just right pocket to left anyway as its from the govt to its own company.