Temasek (owned by the Singapore government) owns 11% of Tiger Airways. Singapore Airlines owns 49% of Tiger. In turn, Temasek owns 57% of Singapore Airlines. Thus, directly or indirectly, Temasek owns 39% of Tiger.
Which means that Temasek has a connection not only with Tiger, and not only with Thai AirAsia (through Temasek's newly acquired 49% share of Shin Corp., which owns 50% of Thai AirAsia), and not only with Malaysia's AirAsia (which owns 49% of Thai AirAsia), but also with Singapore Airlines.
And both Thai AirAsia (which Temasek significantly owns) and Malaysia's AirAsia (Temasek's new "partner" in owning Thai AirAsia) are competitors of Singapore Airlines and of Tiger (both of which are significantly owned by Temasek).
In other words, Malaysia's AirAsia has to compete not only with Tiger Airways and Malaysia Airlines and Singapore Airlines, but now also with its own new partner Temasek.
Thai AirAsia may have a limited future, but Singapore-government-owned Temasek seems to have an unlimited one.
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