New BWIA to take off in 2006

Speaking at Thursday’s post-Cabinet news conference at Whitehall, Saith said he was optimistic that the new entity into which BWIA will be transformed would be onstream sometime in early 2006. He said Cabinet will deliberate on the proposals very carefully in order to ensure that there is a smooth transition from BWIA to the new entity which Prime Minister Patrick Manning referred to in his 2005/2006 Budget presentation in Parliament on September 26.

The Prime Minister said BWIA would be transformed into a regional carrier with regional governments and private sectors having the opportunity to purchase equity in the new airline. Among the Budget measures announced by Manning to assist in BWIA’s transformation, was the provision of US$250 million by the Government for recapitalisation purposes.

Businessman Arthur Lok Jack, who headed a Cabinet-appointed task force to develop proposals for BWIA’s long-term viability, has been appointed to head the airline’s new board of directors.

BWIA general manager Nelson Tom Yew has been appointed as the airline’s new CEO and will play a crucial role in guiding the airline’s transformation process.