While Chartered was breaking records, another of Singapore's most respected companies was also testing the local equity markets in May: two subsidiaries of Singapore Airlines listed on the Singapore stock exchange. Singapore Airlines Terminal Services (Sats) and SIA Engineering made their stock market debuts on May 12, with DBS Bank and Merrill Lynch joint global coordinators. But while both deals were comfortably oversubscribed at an institutional and, in particular, retail level, and despite the formidable local brand name that Singapore Airlines boasts, the shares have performed poorly – particularly in the case of Sats, which dropped 23% in value in its first two weeks of trading.
June 01, 2000