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Tiger Airways to Purchase 32.5% Stake in SEAIR

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Tiger Airways and SEAIR have signed a Term Sheet for Tiger to purchase a 32.5% stake in SEAIR from existing foreign investors.

Operating the same low cost business model as Tiger Airways, SEAIR will offer short-haul, point-to-point flights within a 5-hour flying radius, using Airbus A320 family aircraft and crew based in the Philippines.

Following the successful launch of SEAIR international services between Manila Clark and Singapore in December 2010, SEAIR recently unveiled plans to launch a daily service between Manila Clark and Hong Kong. Due to strong demand on this new route, services will increase to double daily from 15 April 2011.

Avelino Zapanta, President and CEO of SEAIR said, We are delighted that Tiger Airways wants to become a significant shareholder in SEAIR. SEAIR has a long history of operating domestic and international services in the Philippines and having Tiger Airways as a shareholder will enable us to significantly expand our network of services. We look forward to expanding our relationship with Tiger Airways and contributing further to the economic development of the Philippines, promoting increased regional tourism and creating more job opportunities for Filipinos.

Tony Davis, President & Group CEO of Tiger Airways Holdings, added, We are excited to have the opportunity to expand our relationship with SEAIR. The Philippines represents a major market opportunity for low cost airlines. With more than 7,000 islands, a population in excess of 90 million, plus another 11 million working and living abroad, the Philippines is an important market for both international and domestic aviation.

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