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Centre for Asia Pacific Aviation
Temasek to gobble up Changi
Thursday, October 09, 2008
In the biggest upheaval to Singapore Inc in decades, reflecting rising international challenges and opportunities, Singapore Government-controlled Temasek will acquire Changi Airport and its operating businesses. Regulator, owner and manager, the Civil Aviation Authority of Singapore, will be replaced by an unnamed-company (Newco) that will control Changi, and a new Civil Aviation Authority, which will drive Singapore's national aviation policy, regulatory and air traffic services functions.

Key points:
  • Temasek to acquire Changi Airport and its operating businesses;
  • New Civil Aviation Authority to retain regulatory and ATM functions;
  • Restructure is effective 01-Jul-09 – a much more rapid programme than expected;
  • "Whole idea of transferring ownership to Temasek is to have a clearer separation of the role of the policymaker, regulator and the operators" – Singapore Government;
  • Changi Airports International expected to take more active role in offshore airport market;
  • Temasek's first major airport investment - foreign bidders excluded as Changi is considered a "strategic national economic asset";
  • Pricing of the transaction not disclosed;
  • Corporatisation seen as prelude to eventual privatisation;
  • Growth rates have held up well this year at Changi;
  • Traffic growth should pick up further in Dec-08, with the influx of LCC capacity to Malaysia.
Theodore Koumelis - Thursday, October 09, 2008
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