ASIA, JAS set up joint venture
ASIA, JAS set up joint venture
SINGAPORE: Singapore Airlines' (SIA) engineering arm will set up a joint venture with an Indonesian partner to provide aircraft line maintenance services at airports in Indonesia, the carrier said Monday.
Mainboard-listed SIA Engineering Co. will take a 49 percent stake in PT Jas Aero-Engineering Services while its partner PT Jasa Angkasa Semesta (PT JAS) will hold the remaining 51 percent, SIA said in a statement.
"We are very pleased to partner PT JAS, which has an excellent reputation in airport ground handling services and an extensive presence in Indonesia," said SIA Engineering chief executive William Tan.
"Coupled with our experience and extensive coverage in aircraft certifications, we look forward to providing customers with a high level of technical services and dispatch reliability at major Indonesian airports."
The joint-venture has a paid-up capital of four million U.S. dollars and is subject to approval from the Indonesian government.
It will operate at 10 major airports in Indonesia including Jakarta, Denpasar, Surabaya and Medan, providing aircraft line maintenance services to international and domestic carriers. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-Singtel SingTel's subscribers exceed 37m JP/14/Singtel
SingTel's subscribers exceed 37m
SINGAPORE: Singapore Telecommunications' (SingTel) mobile subscribers in the Asia-Pacific region grew more than 50 percent to total 37.4 million in June, the operator said Monday.
The 51 percent increment from a year ago came from strong growth in the operator's regional associates as well as its wholly-owned Australian unit Optus, it said in a statement.
SingTel's regional associates -- Advanced Info Service of Thailand, India's Bharti, Globe of the Philippines and Indonesia's Telkomsel -- posted a 62.5 percent jump in subscribers to 31 million.
Moile subscribers at Australian unit Optus rose 15.6 percent on the year to 4.89 million.
At home, SingTel's mobile subscribers grew a mere two percent to 1.53 million users.
SingTel has actively acquired stakes in regional telecoms firms in the past few years in order to be less reliant on the saturated local market which offers limited growth potential amid increased competition from newcomers. -- AFP
;Agencies; ANPAf..r.. CorporateBrief-bank Deutsche Bank wins approval JP/14/bank
Deutsche Bank wins approval
SHANGHAI: Germany's largest bank Deutsche Bank has won regulatory approval to trade in China's US$500-billion securities markets, it was announced Monday.
Deutsche is the sixth foreign institution to be granted access by the China Securities Regulatory Commission, the regulatory body reported on its website.
Switzerland's UBS, Japan's Nomura Holdings and the United States's Morgan Stanley, Citigroup and Goldman Sachs were the first five groups granted access under the Qualified Foreign Institutional Investors (QFII) scheme earlier this year.
Rules governing QFIIs were published late last year and in March this year China appointed a number of custodian banks authorized with opening accounts for them.
Foreign institutions can invest in all of the more than 1,200 A-share listed companies in China and are no longer restricted to the paltry B-share market which was been open to them for more than a decade.
UBS and Citibank have reportedly already executed trades. -- AFP