Singapore Airlines 2011 Annual Report Download - page 191
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ANNUAL REPORT 2010/2011 189
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
41 Subsequent Events
On 6 April 2011, SIAEC and Panasonic Avionics Corporation together formed a joint venture in Singapore
– Panasonic Avionics Services Singapore. SIAEC injected a paid-up capital of USD2.125 million, equivalent
to a shareholding of 42.5%.
On 15 April 2011, the Company and SilkAir announced an increase of the fuel surcharge for tickets issued
on or after 21 April 2011. The adjustments will offer only partial relief of higher operating costs arising
from recent increases in price of jet fuel. The Company and SilkAir will continue to monitor closely the price
of fuel and keep surcharges under constant review.
On 25 April 2011, SIA Cargo injected $63.5 million (RMB328 million) in cash into China Cargo Airlines Ltd
(“CK”) for a 16.0% equity interest in the company. Subsequent to this, CK will purchase Great Wall Airlines’
(“GWL”) assets and liabilities. Upon completion of the purchase, GWL will be liquidated and the proceeds of
the liquidation will be distributed to the shareholders of GWL.