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Press Release

SALE Change of Ownership Structure - Stake Transferred from Boullioun to WestLB AG

02 Jul 2004

Singapore Aircraft Leasing Enterprise (SALE) has undergone a change in its shareholder structure, following the transfer of the 35.5% stake held by Seattle-based Boullioun Aviation Services to the US lessor's parent company WestLB AG of Germany. Boullioun is a 100% subsidiary of WestLB.

The remaining ownership of SALE is unchanged, with Singapore Airlines (SIA) holding 35.5%, and Singapore government investment agencies GIC and Temasek Holdings each retaining 14.5%.

Klaus-Michael Geiger, Member of the Managing Board of WestLB, said: "The transfer of ownership reflects a decision by the bank to de-link its interests in the two leasing businesses and to play a direct role in the development of SALE."

Chew Choon Seng, Chairman of SALE, thanked Boullioun for the role it had played in helping to establish SALE and looked forward to working with the company's new European shareholder.

"As co-founder with SIA, Boullioun not only provided capital investment, but also its practical knowledge of the specialised and intensely competitive aircraft leasing business," he said. "With WestLB on-board, SALE is well positioned to move into the next phase of its development."

AA-rated WestLB is one of Germany's leading international commercial banks, with total assets of more than €260 billion. In addition to its interests in Boullioun and SALE, the company is actively involved in the air finance market.

Celebrating its 10th Anniversary this year, SALE is the leading Asia-based aircraft leasing company, with a portfolio currently comprising 60 modern aircraft and 16 more on firm order for delivery through 2006. Offering global coverage, the company's client base includes carriers from every world region and every sector of the airline industry, including full service, low cost, franchise and charter operators.

In line with the shareholding structure, WestLB and Singapore Airlines each now hold three seats on the SALE Board, while GIC and Temasek Holdings each hold one. The Board also includes SALE Managing Director Robert Martin and one Independent Director.


For further information, please contact:

Sean Lee
Head, Corporate Communication
Tel: +65 6325 9557
Mobile: +65 96196549