18 Jun '11, 9am

Can't wait. Please fly Shanghai. SIA forms subsidiary for no-frills airline

SINGAPORE - Singapore Airlines (SIA) has formed a new subsidiary company for its proposed low-cost airline, which is expected to start operations within a year. The wholly-owned subsidiary, New Aviation, was incorporated yesterday with an issued and paid-up capital of S$1. In a filing with the Singapore Exchange, SIA said the new unit will be involved in "air transport" activities. A company spokesperson told MediaCorp that the set-up of the subsidiary was just a "technical step". In May, SIA said the new no-frills, low-fare airline will operate on medium- and long-haul routes. It will be wholly owned by SIA but operated and managed separately from SIA. Market watchers said that budget airlines in Asia appear unfazed by the high oil prices and political unrest in the Middle East and are expected to increase their fleets this year. Julie Quek, Dow Jones

Full article: http://www.todayonline.com/Hotnews/EDC110618-0000254/SIA-...

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