Stocks to watch: SIA, Boustead
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Jun 13).
Singapore Airlines (SIA) : An Air India plane bound for London crashed moments after taking off from the city of Ahmedabad on Thursday and more than 240 casualties have been reported, authorities said. The Boeing 787-8 Dreamliner, with 242 people on board, which was headed for Gatwick Airport, south of the British capital, had only one survivor after it crashed onto a medical college hostel during lunch hour. SIA has a 25.1 per cent stake in the Indian airline after a merger happened in November 2024. Shares of SIA closed 0.4 per cent or S$0.03 lower at S$7.03 on Thursday.
Boustead : The company announced that it is conducting strategic reviews for the sale of its stake in some of its logistics and industrial real estate assets to a real estate investment trust, to be listed on the Mainboard of the Singapore Exchange. The engineering and technology group said on Thursday that the review is part of its 'ordinary course of business to periodically consider options and opportunities' in relation to its investments to unlock shareholder value. The counter closed at 0.8 per cent or S$0.01 higher at S$1.25 on Thursday, before the announcement.
Trading halt
Stoneweg European Real Estate Investment Trust (Stoneweg E-Reit) : Units of Stoneweg E-Reit will cease to trade on the Singapore Exchange (SGX) on Jun 13 from 5 pm, the company announced on Thursday. Prior to the trading halt announcement, the manager of the Reit announced that it will be converted into a stapled group. Each unit of Stoneweg E-Reit will be stapled to a unit in Stoneweg European Business Trust. It will then form a stapled security in an entity known as Stoneweg Europe Stapled Trust. The stapled securities will be traded on the SGX with effect from Jun 16, 2025, 9 am. The counter ended 0.6 per cent or 0.01 euros higher at 1.59 euros on Thursday.
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Straits Times
11 hours ago
- Straits Times
With tragic plane crash, Air India's revamp to take longer
Debris of Air India flight 171 seen after it crashed in a residential area near the airport in Ahmedabad on June 13. PHOTO: AFP Follow our live coverage here. - The crash of the London-bound Air India flight in Ahmedabad on June 12 that left at least 241 dead could slow the erstwhile national carrier's plans to expand and revive its reputation and profitability. This is because it must turn its attention now to restoring internal morale and consumer confidence after the tragic accident. Officials are still investigating why AI-171 crashed, but it is the airline's first wide-body aircraft accident in 40 years. The Tata Group bought the carrier from the Indian government in 2022. For Air India, which posted an operational profit in early June after decades of losses and hoped to reach full profitability by 2027, the crash changes many plans. The incident could result in significant losses for Air India not only because all except one of the 242 passengers were killed, but also the airline may be held liable for the plane's plunge onto a medical hostel in a residential area. After the accident, Tata Sons chairman N. Chandrasekaran announced a compensation of 10 million rupees (S$148,932) to the families of each person who lost their life. He also promised to cover medical expenses of those injured and help reconstruct the BJ Medical hostel the plane fell on. The airline is suffused with nostalgia with its turbaned Maharaja mascot and delicious Indian meals, and unsmiling but efficient crew. In recent years, however, it has become a butt of passenger ridicule for persistent delays, poorly maintained planes and years of losses. Under Tata ownership, Air India's chief executive Campbell Wilson helmed a five-year intensive transformation plan beginning in 2022 to revamp an ageing and outdated fleet, upskill staff, upgrade IT systems, and create a world-class airline on a par with rivals like Emirates. Air India's losses had reduced by more than 40 per cent since the privatisation in January 2022 as it aimed to break even. It flew a total of 43.5 million passengers during the financial year April 2024 to March 2025. In April 2025, Air India announced a US$400 million (S$513.5 million) fleet upgrade programme for 106 of its 198 aircraft. This involved refurbishing seats, carpets, curtains and lavatories. The full-service carrier, which started making money in 2025, had made financial gains reportedly from cost cutting and streamlining operations, aided by lower fuel costs and a surge in passenger numbers. Sources close to the company said the airline was eyeing full profitability by 2027, once the low-cost arm of the group, Air India Express, which has been expanding its fleet, also increases its revenue. Mr Campbell , a former CEO of Scoot, had reportedly informed employees during a townhall in June that Air India was advancing towards becoming 'a self-sustaining company'. The crash changes, if not all the well-laid plans, many of them. 'We are devastated. All of us are wondering what went wrong,' an Air India pilot who has worked for over 15 years in the company told ST, requesting anonymity. Aviation expert Sanjay Lazar, chief executive of Availalaz Consultants in Mumbai, said: 'A tragedy like this strikes at the heart of an airline. It will set the company back tremendously, as crashes do. The morale of personnel and external consumer trust will have to be rebuilt.' This is the first accident of an Air India wide-body aircraft since 1985, said Mr Lazar. The last Air India hull-loss – which means an aviation accident that damages the aircraft beyond repair – was on June 23, 1985, when a London/Mumbai-bound flight from Montreal exploded due to a bomb planted by a Canadian Sikh terror group. Just 17 years old at the time, Mr Lazar had lost his entire family in the 1985 crash, after which he trained to be a pilot and worked in Air India for 38 years. 'From 1985 to 2025, there has been no hull-loss for Air India. Strong companies bounce back. Air India has a good safety record and robust systems that must be reinforced like in the past,' he told ST. Beyond the aftermath of the crash, headwinds in the form of trade tariffs imposed by the US, tensions on the India-Pakistan border and airspace closures from conflicts in other parts of the world such as the ongoing bombing of Iran by Israel remain concerns for the airline. Mr Wilson told The Hindu in May that Air India has requested a subsidy worth US$600 million annually from the government to tide it over the financial hit from the closure of Pakistan's airspace and the resultant re-routings undertaken by the airline for its west-bound flights. The airspace closure in Iran worsens this situation. While the reason for the crash is yet unknown, it could also affect the aviation sector temporarily, as passengers put off travel, fearing the worst. Relatives and hospital staff carry the body of a victim who died in an airplane crash in Ahmedabad, Gujarat, western India. PHOTO: EPA-EFE The crash of the 12-year-old 787 Dreamliner has refuelled scrutiny of Boeing, whose safety reputation began to unravel in October 2018 when a Lion Air flight operating a 737 MAX crashed due to a malfunction, killing 189 people. Just months later, in March 2019, an Ethiopian Airlines flight using the same aircraft model crashed for the same reason, killing all 157 people aboard. But until now, the 787 Dreamliner aircraft had maintained a relatively strong safety record, said aviation professional Hemanth DP. Launched in 2011, there are around 1,100 Boeing 787s in the world. Air India owns an estimated 35 of them, not including the one that crashed. Some Indian media reports said the Ministry of Civil Aviation was considering grounding Boeing 787s for a safety review. Shortly after the crash, shares of Tata Group's companies saw an increase in selling pressure on June 12. However, analysts said it was sentiment-driven and that the long-term impact of the crash may be limited only to the Tata-owned airline business, and not extend to other entities. Air India operates as a standalone entity, and any liabilities arising from the crash, be it aircraft damage, compensation or lawsuits, are expected to be covered through aviation insurance, analysts who track aviation finance and safety told ST. Shares of Singapore Airlines, which holds a 25.1 per cent stake in Air India, dropped by 1.7 per cent on the Singapore Exchange. Rohini Mohan is the India Correspondent based in Bengaluru. Join ST's Telegram channel and get the latest breaking news delivered to you.
Online Citizen
13 hours ago
- Online Citizen
Indian media reported that 100 Air India pilots offered deputation roles in SIA's low-cost brand Scoot
Singapore Airlines (SIA) has launched a deputation initiative inviting over 100 pilots from Air India (AI) to join its low‑cost arm, Scoot. Based at Changi Airport, the move offers captains and first officers a one‑ to two‑year voluntary posting involving training and flying of Embraer aircraft—types not currently used by Air India. This scheme, reported by Hindu BusinessLine on 8 June, is part of a broader effort by SIA and Air India to deepen collaboration in sales, operations and pilot talent deployment. The announcement coincided with growing ties following SIA's minority investment in Air India through Tata Sons. Deputation roles open to 100 pilots Approximately 100 captain and first officer positions have been made available, subject to voluntary application. The roles, lasting one to two years, allow Air India pilots to gain exposure to international operations and Embraer-type training, while enabling Scoot to fill pilot shortages. Campbell Wilson, Air India's managing director and chief executive, described the arrangement as a 'win‑win' for both carriers. He noted SIA's involvement extends to senior executives Basil Kwauk and Hamish Maxwell supporting Air India's turnaround efforts, knowledge‑sharing sessions, and training hosted by SIA. In a statement, Singapore Airlines emphasised its role as a significant minority shareholder in the newly merged Air India unit. 'We will continue to engage with the Tata group and Air India, contributing our expertise in specific areas that will be mutually beneficial, subject to regulatory restrictions,' the group said. Scoot added that it 'actively seeks talent within and outside Singapore, focusing on attracting and retaining qualified individuals who align with our values and can contribute to Scoot's continued growth'. Partnership built on deeper airline ties The SIA–Tata partnership dates back to 2015 when SIA co‑founded Vistara with Tata Sons. After Vistara's merger with Air India, SIA holds a 25.1% stake in the unified carrier. The two airlines have since maintained an extensive codeshare arrangement and integration of certain operations. SIA's minority investment aligns with its multi‑hub strategy, allowing participation in India's growing aviation market while reinforcing Singapore's hub. It also positions SIA to compete more effectively with Malaysia Airlines, Thai Airways and Qantas on routes to Australia, Bali and New Zealand. In the 2024‑25 financial year, SIA transported over 2.4 million passengers to and from India, with 65% either connecting via Singapore or flying directly. SIA chief executive Goh Choon Phong reaffirmed the airline's confidence in the Indian market, noting strong demand and emphasising prospects for closer collaboration with Air India . Tragic backdrop: Air India Flight AI 171 crash On 12 June 2025, Air India Flight AI 171, a Boeing 787‑8 Dreamliner, crashed near Ahmedabad shortly after take‑off. The aircraft carried 242 people—230 passengers and 12 crew—destined for London Gatwick. A devastating Mayday call was issued around 13:39 IST (08:09 GMT) before the plane plunged into a hostel belonging to B.J. Medical College. The accident resulted in 241 fatalities on board and at least 28 on the ground, making the total death toll 269. Only one passenger, a British‑Indian man seated in 11A, miraculously survived. The crash is under investigation by Indian authorities with support from the NTSB and FAA.
Straits Times
14 hours ago
- Straits Times
Liverpool agree club-record deal to sign Florian Wirtz from Bayer Leverkusen
Germany's Florian Wirtz in action during the Nations League semi-final against Portugal on June 4. PHOTO: AFP LONDON – Liverpool have agreed a club-record deal worth up to £116 million (S$201.6 million) to sign Florian Wirtz from Bayer Leverkusen, it was widely reported on June 13. The Premier League champions will pay an initial £100 million, comfortably surpassing their own record outlay, but the performance-related add-ons, if achieved, would make it a potential British record. Liverpool's overall outlay for the 22-year-old Germany international could surpass the £115 million Chelsea agreed to pay Brighton in 2023 for Moises Caicedo, who turned down the Reds. Midfielder Caicedo cost Chelsea an initial £100 million fee, which could rise to £115 million. Striker Darwin Nunez was Liverpool's previous record signing in 2022, although they have not paid the full £85 million as he has not met all the requirements for certain add-ons to be due. Manchester City had been keen on Wirtz but pulled out, reportedly due to the spiralling costs of the whole package. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
