Home >> Daily News >> Singapore News >> Aviation >> Singapore’s Changi acquire 5% stake in Italian airport operator
|2 March 2010
Singapore’s Changi acquire 5% stake in Italian airport operator
Singapore's Changi Airport Group said Monday it has bought a five-percent stake in Italian airport operator Gemina S.p.A. for 100 million Singapore dollars ($72 million), reported AFP.
The acquisition gives the Singapore firm a strategic stake in Gemina, the holding company of Aeroporti di Roma, which operates the Fiumicino and Ciampino airports in Rome.
"With this investment, Changi Airport Group becomes the first Asian operator to invest in a European capital city airport with a substantial strategic role," said the Singapore firm's chief executive Lee Seow Hiang.
The purchase was done through Changi Airports International, the group's dedicated subsidiary for overseas ventures, Changi Airport Group said in a statement.
It is the Singapore operator's biggest overseas investment and "marks a major step forward" in its strategy to expand beyond the small domestic market.
The two Italian Airports handled 38.6 million passengers in 2009, while Changi processed 37.2 million.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below