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Singapore Airlines in talks for Jeju Air stake
Singapore Airlines and Jeju Air said on Tuesday they were in talks about a possible investment, but that nothing had been decided.
Seoul/Singapore: Singapore Airlines (SIA) is in talks to buy a stake in South Korea’s largest low-cost carrier Jeju Air Co, a deal that would be the flag carrier’s first foray into North Asia where rising demand from Chinese passengers is fuelling growth.
Singapore Airlines and Jeju Air said on Tuesday they were in talks about a possible investment, but that nothing had been decided.
A deal with Jeju would fit SIA’s push to diversify away from its mainstay full-service business and increase exposure to high growth regions, after two consecutive years of falling profits amid high oil prices and intense competition. Jeju aims to roughly triple sales to 1.5 trillion won ($1.3 billion) by 2020, driven by demand from Northeast Asia including China.
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