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Wednesday, Sep 08, 2004

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Emirates to buy out Temasek stake in Changi International Airport Services

Vimala Vasan

Abu Dhabi , Sept. 7

DNATA, the airport and air travel services division of the Emirates Group, on Tuesday announced that it has signed an agreement to buy a 78.4 per cent stake in Changi International Airport Services (CIAS) from Temasek Holdings, an Asia investment company, headquartered in Singapore.

This move is in tandem with Dnata's steady expansion of its operations overseas, with the company already exporting its ground handling expertise to airports in Qatar, Pakistan, Iran and the Philippines, according to a statement issued today by the Emirates Group. CIAS is one of the two ground handling service providers currently operating at Singapore's Changi Airport.

The sale represents Temasek's entire stake in CIAS, with the remaining 21.6 per cent stake held by five other shareholders.

The sale is subject to the requisite government and regulatory approvals.

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