Qantas invests in Asian low-fare carrier

QANTAS yesterday announced that it will be the major investor in a new Asia, low-cost airline based in Singapore. Qanta ceo, Geoff Dixon, said the airline will fly to a range of Asian cities within five hours of Singapore and operate a fleet of single aisle aircraft - either Boeing 737-800s or Airbus A320s. The airline is scheduled to begin services before the end of 2004, initially flying four aircraft, with the intention to build a fleet of more than 20 aircraft over the next three years. Qantas will own 49,9% of the new airline, with 21,1% owned by Tony Chew and 10% owned by FF Wong, both prominent Singaporean businessmen. Temasek Holdings Limited, a major investment company based in Singapore, will own the remaining 19%. (Lucy Siebert)