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Tiger Airways has completed its 33% investment
in PT Mandala Airlines 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, 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 cost travel
to international and domestic Indonesian destinations within a
5-hour flying radius.
Like other airlines in the Tiger Airways
Group, the restructured airline will also operate Airbus A320
aircraft.
Further information on the number of aircraft, the
initial routes and destinations is expected to be unveiled 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.”
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