SIA

SIA: sells its 49% in underperforming asset Virgin Atlantic for US$360m to Delta Air, and said it is moving towards refocusing on high-growth mkts in the Asia-Pac region. The sale price is within the wide US$200m – 1b price range tipped by analysts. The transaction is expected to close in 4QCY13. Based on 1HFYMar13 numbers, SIA expects to record a gain of 27.1cts/sh from the sale. While SIA commented that it has not determined what it will do with the funds, analysts reckon the cash from the sale could find its way to sh/h via a special dividend, once the transaction is completed. SIA is +0.9% at $10.84.