New Operator For Changi

The Singapore Government-controlled investment company Temasek is to acquire Changi International Airport and its operating businesses. The airport’s current regulator, owner and manager, the Civil Aviation Authority of Singapore (CAAS) will be replaced by an as-yet unnamed company which will be headed up by a new Chairman, Liew Mun Leong, from the property investment company CapitaLand. The new CEO will be Lee Seow Hiang, CAAS’ former Deputy Director-General of Operations.
The restructuring becomes effective as of July 1, 2009, which is earlier than industry observers had predicted, reflecting the priority the government has attached to the rapid pace of change in the aviation industry.
Meanwhile, the government will continue steering national aviation policy and goals through a newly created civil aviation authority, while maintaining oversight and governance over Changi’s new operator. This will be Temasek’s first major foray into airport investment, although it already has significant airline interests, which include: Singapore Airlines, Tiger Airways, Jetstar Asia and Great Wall Airlines in China.