Temasek to sell stake in CIAS

Fri, 07 May 2004 | Source: AFP

SINGAPORE: The Singapore government's investment arm, Temasek Holdings, said on Thursday it was selling its 78.4 percent stake in a ground handling and in-flight catering company based at Changi Airport.

Temasek said in a statement the sale of its stake in Changi International Airport Services Pte. Ltd. (CIAS) was part of a "continuous review of its investment portfolio" which calls for divestment of interests in non-strategic sectors of the economy.

It said other shareholders, including Air France, KLM, aviation service provider GlobeGround, China Airlines, Garuda and Lufthansa, had also agreed to sell the remaining 21.6 percent stake they hold in CIAS. -- AFP

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