Singapore Airlines scraps plan to invest in Jeju Air
Singapore Airlines’ plan to buy a stake in South Korean carrier Jeju Air has been shelved.
SIA gave no reason for the decision announced Thursday.
"Discussions have now ceased. The parties will not be proceeding with a transaction," a Singapore Airlines statement said.
The airline said in March it had started talks with Jeju Air to buy a stake in the low cost airline in what would have been its first venture into the North Asia market.
Jeju Air itself said last year it was actively seeking investment to fuel growth and expand its route network.
SIA has invested in other Asia markets in recent years, including a joint venture with Tata Group to establish Vistara Airlines in India and a partnership with Thailand’s Nok Airlines to set up NokScoot.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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