Singapore Airlines has said it is no longer interested in negotiating a strategic investment in China Eastern Airlines.
Considering both airlines have just had a hammering this is not unexpected.
However, ever-optimistic, SIA’s chief executive officer Chew Choon Seng said that the airline is still keen to participate in China’s airline sector.
In 2007, SIA and Singapore’s state-owned investment company Temasek Holdings agreed to take a combined 24% stake in China Eastern, but the deal was called off as China Eastern’s minority shareholders voted against the sale.
The latest announcement from Singapore Airlines is that its net profit dived 92% on-year in its fourth financial quarter which ended in March.