TIGER AIRWAYS HOLDINGS LIMITED 
By (Incorporated in the Republic of Singapore) Company Registration Number: 200701866W
TIGER AIRWAYS COMPLETES 33% INVESTMENT IN MANDALA AIRLINES OF INDONESIA Singapore, 30 January 2012. Tiger Airways Holdings Limited ("Tiger Airways") announces the completion of its 33.0% investment in PT Mandala Airlines ("Mandala") of Indonesia. Tiger Airways' investment in Mandala will be held through its wholly-owned subsidiary in Singapore, Roar Aviation Pte. Ltd.
Mandala has undergone a financial restructuring process in
accordance with Indonesian law. The largest shareholder in
the restructured Mandala will be the Saratoga group, which
will hold a 51.3% stake. The remaining 15.7% will be held by
the previous shareholders and creditors of Mandala.
The next stage of the process is to reactivate Mandala's Air
Operator's Certificate ("AOC"), which has been frozen since
the suspension of its operations in January 2011. The AOC is
expected to be reactivated in February 2012, after which
flight sales will commence ahead of the resumption of flights
in April 2012.
The restructured airline will adopt the Tiger Airways
business model, and plans to offer low fare travel to
international and domestic Indonesian destinations within a
5-hour flying radius. Like other airlines in the Tiger
Airways Group, the restructured airline would also operate
Airbus A320 aircraft. Further information on the number of
aircraft, the initial routes and destinations will be
announced once all approvals have been granted by the
regulators and authorities.
Chief Executive Officer of Tiger Airways Holdings Limited,
Mr. Chin Yau Seng, said, "We are pleased to have completed
this transaction, and are excited about the re-launch of
Mandala's operations once its AOC has been reactivated.
Mandala is the first of Tiger Airways' joint venture "Cubs"
and represents a significant step in our efforts to expand
our "paw-print" in this region."
Sandiaga Uno, Founding Partner of Saratoga group said, "We
are delighted by the successful completion of this investment
with our valued partners. We take great pride in helping to
return Mandala, a well-loved Indonesian icon, to the skies of
Indonesia."
ABOUT TIGER AIRWAYS HOLDINGS LIMITED1 (SGX: J7X)
(Company Registration Number: 200701866W)
(incorporated with limited liability in the Republic of Singapore on 1 February 2007)
Established in September 2004, Tiger Airways has a fleet of
31 Airbus A320 aircraft and is committed to increasing its
fleet size to 68 by December 2015. In addition, two Airbus
A319 aircraft are independently operated by SEAIR in the
Philippines under a Partner Airline Programme.
For more information, please visit www.tigerairways.com.
ABOUT SARATOGA GROUP
Established in 1998, Saratoga is a leading investment firm in Indonesia. Saratoga's business interests span natural resources, energy, infrastructure, telecommunication, and consumer goods.
1 The initial public offering of the Company was sponsored by Citigroup Global Markets Singapore Pte. Ltd. and Morgan Stanley Asia (Singapore) Pte. (the 'Joint Issue Managers'). The Joint Issue Managers assume no responsibility for the contents of this announcement.
| distribué par | Ce noodl a été diffusé par Tiger Airways Holdings Limited et initialement mise en ligne sur le site http://www.tigerairways.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-30 15:17:17 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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| Tiger Airways Completes 33% Investment in Mandala Airlines of Indonesia |
