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SINGAPORE/SYDNEY – Singapore Airlines Ltd (SIAL.SI) said it had secured up to $19 billion of funding to help see it through the coronavirus crisis and expand afterward, in a sign of confidence travel demand will eventually return.
As many carriers around the world look for cash to weather the crisis, Singapore Airlines’ majority shareholder, state-fund Temasek Holdings [TEM.UL], said it would underwrite the sale of shares and convertible bonds for up to $15 billion. Singapore’s biggest bank DBS Group Holdings Ltd (DBSM.SI) provided a $4 billion loan.
“This transaction will not only tide SIA (Singapore Airlines) over a short term financial liquidity challenge, but will position it for growth beyond the pandemic,” Temasek International Chief Executive Dilhan Pillay Sandrasegara said.
“The delivery of a new generation aircraft over the next few years will provide better fuel efficiencies as well as meet its capacity expansion strategy.”
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