The businessman from S’pore once bought Temasek’s stake in the budget airline

Dennis Choo is a travel industry veteran who has spent decades building connections across airlines and travel networks.

In the 1990s, the airline industry underwent a major change. Across Asia, deregulation and rising middle-class demand were transforming air travel from luxury to something more accessible.

Budget airlines were beginning to emerge, promising cheaper fares and simpler service models. Conventional airlines still dominate major routes, but a new generation of low-cost airlines has been challenging the status quo.

For many entrepreneurs, it was an opportunity.

One of them was Dennis Choo—a veteran of the Singapore travel industry who had spent decades introducing connections across airlines and travel networks.

Although his name rarely appeared in the headlines, Choo would eventually make one of the boldest moves in Singapore’s aviation scene: buying Temasek Holdings for majority control of Jetstar Asia.

But his story began long before that.

It all started with a small travel agency

In 1972, Choo founded Vacation and Travel Group (HTT Group) as a reputable airline ticketing agency in Singapore.

At that time, travel agencies played an important role in the distribution of flights. Before the Internet era, booking flights usually meant visiting an agent that handled tickets, reservations, and itineraries.

Choo saw an opportunity in this system and, over the years, grew into complementary verticals, diversifying his business into all tours, airline representation, cruises, and hospitality.

Holiday Tours eventually began working as a General Sales Agent (GSA) for several international carriers in the region, handling sales, marketing, and distribution in markets where the airlines lacked a strong local presence.

More importantly, the team has cultivated deep relationships with airlines, giving Choo a unique insight into how carriers operate behind the scenes. In 1984, these commitments were formalized when Qantas acquired a majority stake in the holding company HTT Group. Company ownership information from the airline’s 2025 financial report shows that Qantas now holds a majority stake in the group (around 75%).

This helped strengthen Choo’s reputation in the tourism industry. It also gave him something even more important: an understanding of how airlines work behind the scenes.

From selling seats to owning airlines

In the early 2000s, the aviation landscape in Asia was changing rapidly. Low-cost carriers (LCCs) have been booming, encouraged by models such as Southwest Airlines in the United States and Ryanair in Europe.

Singapore’s aviation sector began to see new entrants in 2004. Along with established players such as Singapore Airlines, several budget carriers are launching to meet regional demand.

First to take the plunge was Valuair, a Singapore-based low-cost airline launched in May that year, backed by a group of local investors and led by former Singapore Airlines CEO Lim Chin Beng.

But unlike most LCCs of the time, Valuair offered perks like free hot meals, assigned seating and oversized baggage allowances while still charging far lower fares than full-service airlines—a model that would eventually struggle in a volatile aviation environment.

It made the airline more expensive to operate than other low-cost airlines that were entering the market, including Tiger Airways and Jetstar Asia. Both are backed by deep-pocketed investors—Singapore Airlines and Qantas, respectively—bringing significant price competition to the region.

On top of this, Valuair faced rising fuel costs and limited regional road rights, making it difficult to maintain profitability.

Left with few options, the airline turned to consolidation as a solution.

In Jul 2005, Valuair agreed to merge with Jetstar Asia, forming a new company called Orange Star, whose shareholders include Qantas, Temasek, and private investors in Singapore, with the former two holding the largest share-about 45% and 33.5%, respectively. The two airlines continued to operate as separate companies under the same parent company.

Choo will enter the picture in 2009.

Despite the merger and additional funding, Valuair’s operations continued to face challenges, and the airline eventually struggled to remain profitable. In addition, Temasek’s decision to take an 11% stake in rival Tiger Airways had created an awkward situation—Qantas found itself sharing ownership with an investor who directly backed its rival.

This led to the restructuring of Orangestar, creating an opportunity for new investors.

The restructuring resulted in the creation of Newstar Investment Holdings, a new holding company that will consolidate ownership of Jetstar Asia. Through his private equity firm, Westbrook Investments, Choo acquired a majority stake of 51% in Newstar, including Temasek’s shares, while Qantas retained a minority stake of 49%.

And just like that, a man who had spent decades selling seats for other airlines now controlled two of the largest low-cost airlines in the region.

Overseeing the development of two low cost carriers

As chairman of Jetstar Asia, Choo oversaw the airline’s development, along with Valuair, as regional low-cost carriers.

Operating from Singapore’s Changi Airport, both airlines connect travelers to cities in Southeast Asia, East Asia, and beyond. For many travelers in the region, they have become synonymous with affordable flights.

Like many airlines, however, Valuair and Jetstar have faced a volatile industry environment.

Low-cost carriers operate on thin margins, and competition in Southeast Asia has intensified over the years with the rise of new players. Finally, Valuair was fully integrated into Jetstar Asia in 2014, with its flights and routes combined under the Jetstar brand.

Jetstar Asia continued to operate for more than a decade after that—until it reached its final chapter in 2025. It ceased operations on Jul 31, 2025, citing rising costs and increasing competitive pressures.

Except for Jetstar Asia

Throughout these changes, Dennis Choo has remained a low profile figure compared to many other business leaders in Singapore, despite his influence in aviation and travel.

Current information about his activities is scarce, but his company’s website still lists him as Group CEO, and under his leadership, the Holiday Tours & Travel Group has grown to 10 organizations in nine countries and regions in the Asia Pacific region.

With more than 150 employees, this operation takes place in China, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand, and Vietnam.

It’s an impressive reach, and despite Jetstar Asia eventually shutting down, Choo remains a significant presence in the region’s aviation industry.

He didn’t get there overnight.

Choo spent 37 years building relationships in the travel industry before taking his biggest step yet—acquiring Temasek’s shares to take majority control of Jetstar Asia, proving that solid experience and a long-term vision can open doors in a competitive field.

• Read other articles we’ve written about Singapore businesses here.

Featured Image Credit: Bandaranaike International Airport/ Getty Images