Press Release

SALE Celebrates 10th Anniversary

26 Feb 2004

Singapore Aircraft Leasing Enterprise (SALE) today officially celebrates the 10th Anniversary of the start of its business. The event will be marked by a special dinner for customers and business partners hosted by SALE Chairman Mr Chew Choon Seng, with Dr Balaji Sadasivan, Singapore Minister of State for Health and Transport, in attendance as Guest of Honour.

Since it opened its doors in 1994, SALE has grown to become one of the world's premier aircraft leasing companies, with a current portfolio of 53 modern aircraft and 29 customers across the world. Offering truly global reach, the company has overseas offices in London, Washington DC and San Diego, California, enabling swift, efficient service in every major time zone.

The idea to establish a leasing company in Singapore was first suggested in the mid-1980s by Mr J Y Pillay, then Chairman of Singapore Airlines (SIA). Following an evaluation of possible foreign partners, the company was incorporated at the end of 1993 as a joint venture between SIA and Boullioun Aviation Services. 1997 saw the addition of two new shareholders, when Singapore investment agencies GIC and Temasek Holdings each took a 14.5% share in the company, with SIA and Boullioun retaining stakes of 35.5% each.

Altogether, SALE has now ordered, acquired and managed a total of 101 aircraft over the past decade. These include 57 ordered directly from the manufacturers, of which 37 have already been delivered. Another 35 have been purchased on the open market, and nine managed on behalf of investors. Of those aircraft already acquired, 26 have since been sold, all at a profit for the company.

Speaking on the 10th Anniversary, Mr Robert Martin, Managing Director of SALE, said that the company represented a true example of a Singapore-based enterprise working on a global level.

"In the fast-paced aircraft leasing business it is essential to be able to identify every opportunity for aircraft placement and to respond swiftly to customer needs," he said. "Additionally, in order to raise the levels of funding required to sustain growth in this  capital intensive business, the portfolio risk needs to be spread across more than one region."

"In every area of its business, from aircraft and equipment purchasing, to aircraft placement, sales and the raising of funds, SALE has taken a global approach."

For the future, Robert Martin said that the company would continue to grow gradually, with a focus on measured diversification.

"We will continue to diversify the portfolio with aircraft in the above 100 seat range and seek to ensure the widest possible customer base from all segments of the airline industry," he said. "At the same time, we shall continue to maintain a young fleet through the onward sale of aircraft in the first half of their service life."

"Ultimately, our goal is not to be the biggest, but to provide quality service to our customers and earn a sound return on capital for our shareholders."

For more information, please contact :

Sean Lee
Tel: +65 6325 9557
Mobile: +65 96196549
[email protected]

www.saleleasing.com