Auto-Pilot at Singapore Airlines

“No thank you,” Singapore Airlines Chairman Peter Seah

I fell off my seat last night when I read the first paragraph of the Business Times.

“When Singapore Airlines offered its shareholders the first S$3.5 billion tranche of mandatory convertible bonds (MCBs) last year there were few takers other than Temasek Holdings. Even SIA’s Chairman Peter Seah and its CEO Goh Choon Phong allowed their provisional allotments to lapse.”

Does this mean their chairman and CEO did not have confidence in themselves managing the company back to profitability, or at least stem the losses at Singapore Airlines?

How would they then possibly convince others to invest in SIA? Which they run.

Last Thursday 20 May 2021, Singapore Airlines announced another convertible bond issue of S$6.2 billion to shore up its cash position after a staggering S$4.3 billion loss for the financial year ended 31 March 2021.

Chairman Peter Seah said this to entice would-be investors.

“The liquidity that we will raise through the MCBs will further strengthen our financial position during these uncertain times, while providing the resources to position the SIA Group for growth and leadership. We have worked hard to retain and prepare our talented people to continue delivering the world-class service that SIA is renowned for”. 

Can you trust this guy. Does he even believe what he is saying himself?

“Me neither,” Singapore Airlines CEO GOH Choon Phong

Every Singaporean knows of someone – family, friend, family of friends or colleagues – who works for Singapore Airlines. Many even have shares in the company, including mine.

This website has many readers who are Singapore Airlines Air Sommeliers. It’s always an added pleasure to bump into any of them on a flight.

The national carrier deserves leadership that leads by example.

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