AIRASIA X TO HAVE IPO IN 2011
Malaysia-based low-cost carrier AirAsia is to list its longer-haul operation AirAsia X on the Malaysian, Indonesian and Thai stock exchanges to let investors buy into the long-haul, low-cost business model without having to hold a stake in the short-haul low-cost business, and vice-versa, says Air Asia.
QANTAS OFFLOADS ASIAN COURIER BUSINESS
Qantas is selling for an undisclosed price its China, Singapore and Thailand express courier business, DPEX Worldwide, which it bought in 2007, to Australian freight and logistics company Toll Holdings and plans to focus on its core business. The sale excludes DPEX's Australian outfit.
FL STEPS UP LITHUANIA CAPABILITIES
Maintenance, repair and overhaul operator FL Technics (Lithuania) is to invest $25 million up to 2015 to expand capabilities and build hangars in Vilnius "to become a true one-stop-shop for operators within 1,500km (930 miles) and 2,000km of Lithuania". This year FL has added Boeing Next Generation 737 capabilities. Airbus A320 and ATR 42/72 will follow soon and, by 2015, the Bombardier CRJ200, CRJ900, Embraer ERJ-145 and 175, and Hawker 850.
CATHAY SELLING HAECO STAKE
Cathay Pacific Airways is selling its 15% stake in Hong Kong Aircraft Engineering (HAECO) to Swire Pacific for HK$2.62 billion ($336 million) and will invest the proceeds in its airline business, including in new aircraft and the cargo terminal that is being built at Hong Kong International airport. The deal will take Swire's HAECO stake to around 61%.
MARYLAND GETS GE ENGINES BOOST
GE Aviation's Middle River Aircraft Systems is expanding its Maryland headcount by 200 jobs, to more than 1,000, over the coming year to support development and manufacturing of the GEnx-2B engine thrust reverser for the Boeing 747-8.
DUBAI INCREASES FLYDUBAI SHARE CAPITAL
Dubai's ruler Sheikh Mohammed bin Rashid Al-Maktoum has passed a law to more than double the share capital of the budget carrier FlyDubai to 500 million dirhams ($136 million).
INDIAN AUTO MAJOR HAS AERO QUEST
In a bid to move into aerospace, Indian auto major Indo Schottle is investing Rp200 million ($4.3 million) in the Quest Global aerospace Special Economic Zone in the south Indian state of Karnataka. The zone is exempt from India's import and export duties and partners can borrow freely in foreign currency.
UMECO EDGES DOWN IN 'CHALLENGING MARKET'
"Challenging" automotive, marine and wind energy composites markets pushed pre-tax profit down 13% to £24.9 million ($35.9 million) at materials and supply-chain manager Umeco, on revenue down 0.4% to £409 million in the year to 31 March.
SIA CONSIDERS A380 SALE LEASEBACKs
Singapore Airlines is considering sale and leasebacks on some of its Airbus A380 fleet. The carrier operates a 10-aircraft fleet, half of which are leased, and is to receive four more A380s by 31 March 2011.
Source: Flight International
