gbb777
Posts: 6
Joined: Mon Aug 14, 2006 10:08 pm

Singapore Airlines Halt Share Trading

Tue May 22, 2007 1:31 pm

SINGAPORE: Singapore Airlines (SIA) and China Eastern Airlines suspended trading of their shares on Tuesday amid reports of a possible investment deal.

SIA did not state a reason for their suspension of trade at the Singapore Exchange but said it would make an announcement after the stock market closes at 5:00 pm (0900 GMT).

The stock last traded at 18.40 Singapore dollars (12.1 US).

Trading of China Eastern Airlines was also halted at the Hong Kong stock exchange, where the stock last traded at 3.73 Hong Kong dollars (48 US cents).

China Eastern said it requested the trading halt pending the release of a "price-sensitive" announcement.

SIA chief executive Chew Choon Seng said on May 11 the Singapore carrier was in discussions with China Eastern, but that the talks "have not progressed to a stage where we have any announcements to make".

The Shanghai Securities News reported from Beijing on Monday that talks were going on smoothly.

"So far, the talks with Singapore Airlines are smooth ... but the conclusion of an agreement will depend on the support of the government," the newspaper quoted China Eastern chairman Li Fenghua as saying.

Li said China Eastern plans to sell up to a 25 percent stake to a foreign strategic investor.

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So big news to come? Wait till 5pm SIN
 
drgmobile
Posts: 709
Joined: Tue Aug 29, 2006 3:06 am

RE: Singapore Airlines Halt Share Trading

Tue May 22, 2007 10:35 pm

Ten minutes ago China Eastern announced it was halting share trading as well. Something is afoot.

Trading of H Shares of China Eastern Airlines Corporation Limited in Hong Kong Is Suspended

China Eastern Airlines Corporation Limited, announces that, following a request made by the Company to the Stock Exchange of Hong Kong Limited, trading in its H shares has been suspended with effect from 9:47 a.m. on May 22, 2007 pending the release of an announcement of the Company, the nature of which is price-sensitive.

Trading in the Company's ADSs on the New York Stock Exchange will also be suspended with effect from 9:30 a.m. New York time on May 22, 2007.
 
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Coal
Posts: 2260
Joined: Sun Aug 13, 2006 11:14 am

RE: Singapore Airlines Halt Share Trading

Tue May 22, 2007 11:01 pm

Well it seems as though SQ is indeed buying a stake in MU.

Bloomberg and Reuters not quite confirming the news, although a post on SQTalk seems to confirm that SQ will take up to 25% of MU, which is the maximum allowed by the Chinese gov't.

Excellent news in my opinion, especially because I'm KrisFlyer Gold and I will be moving to Shanghai in '08.

Cheers
Coal
Nxt Flts: MI RGN-SIN | SQ SIN-RGN-SIN | CX SIN-HKG-PVG | SQ PVG-SIN
 
9V-SPJ
Posts: 667
Joined: Thu Dec 21, 2000 1:51 pm

RE: Singapore Airlines Halt Share Trading

Thu May 24, 2007 8:14 am

The BBC has confirmed that SQ has confirmed that it is looking to buy a stake in MU which could be worth $1 billion US. I

http://news.bbc.co.uk/2/hi/business/6682701.stm

If this deal does go through, could this mean the entry of MU into the Star Alliance?

9V-SPJ
 
User avatar
Coal
Posts: 2260
Joined: Sun Aug 13, 2006 11:14 am

RE: Singapore Airlines Halt Share Trading

Thu May 24, 2007 9:29 am

Quoting 9V-SPJ (Reply 3):
worth $1 billion

Well, either way they can only get up to 25% of MU under Chinese law. But great news. OW can forget about getting MU now, so it's just a matter of when, not if, they become part of Star Alliance.

Cheers
Coal
Nxt Flts: MI RGN-SIN | SQ SIN-RGN-SIN | CX SIN-HKG-PVG | SQ PVG-SIN
 
Ryanair!!!
Posts: 4071
Joined: Fri Mar 01, 2002 8:55 pm

RE: Singapore Airlines Halt Share Trading

Thu May 24, 2007 11:27 am

I hope with SQ's intervention, MU can up their game properly. For an airline with such high ambitions, just flipping through their in-flight magazine can yield some very embarrassing contents.
Welcome to my starry one world alliance, a team in the sky!
 
SingaporeBoy
Posts: 110
Joined: Sat May 07, 2005 1:19 am

RE: Singapore Airlines Halt Share Trading

Thu May 24, 2007 3:06 pm

Hey Ryanair...still waiting for my book.

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