Emirates Buys Singapore Airport Handler Stake
Dnata Signs Agreement To Buy Major Stake In Singapore Airport Ground Handler
Dnata, the airport and air travel services division of the Emirates Group, today announced it has signed an agreement to buy a 78.4 per cent stake in Changi International Airport Services (CIAS) from Temasek Holdings 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.
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.
His Highness Sheikh Ahmed bin Saeed Al-Maktoum, Chairman of the Emirates Group, said: "We believe this is an excellent investment for Dnata. CIAS is a company with a solid reputation and superb potential ? with experienced and well trained staff. There are many synergies between Dnata and CIAS, and we look forward to helping to maintain Changi International Airport's role as a major global hub."
Said Ms Margaret Liu, Temasek's Managing Director for Strategic Development ? Global Investments: "We are pleased that Dnata has emerged as the successful bidder in this sale. With its strong and established presence in the ground handling, inflight catering and airport-related service industry in the Middle East, we are confident that Dnata is well poised to take CIAS to its next level of growth. We look forward to seeing the continued success of CIAS under the Emirates Group in Singapore."
The sale is subject to the requisite government and regulatory approvals.
Emirates Group comprises Emirates Airline, Emirates Holidays, Arabian Adventures, Dnata and several other investments.