Singapore Air ends talks on equity investment in Jeju Air

Visual from the company website

Singapore Airlines Ltd said Thursday that it had ended talks to buy a stake in South Korea’s Jeju Air.

In March this year, Singapore Airlines  had said it was in talks with South Korea’s Jeju Air Co Ltd to acquire a stake in it, either directly, or via the low-cost carrier’s upcoming initial public offering.

“Discussions have now ceased,” Singapore Air said in a statement to the Singapore stock exchange (SGX) Thursday. “The parties will not be proceeding with a transaction.”

Jeju Air, that is 86 per cent owned by personal care product-to-chemicals Aekyung Group, had been looking to raise capital to expand operations to markets such as China and other North Asian destinations.

In a regulatory filing, Jeju Air too said that it was decided against Singapore Air’s equity investment proposal. Both companies did not share further details.

For Singapore Airlines, that had recently expanded to India, Australia and Thailand, the deal would have given it increased access to North Asia, and allowed it to grow its portfolio at the time its profits have been squeezed by competitors in the budget airlines space in the region.

The airlines is also investing in new aircraft to claw back market share in the region.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.