23 Sep '11, 1pm

Tiger finalises agreements to buy stake in Mandala Airlines

SINGAPORE : Tiger Airways has finalised agreements to purchase a 33 per cent stake in Indonesia's Mandala Airlines. Tiger Airways' investment in Mandala will be held through its wholly-owned subsidiary in Singapore, Roar Aviation. Mandala is currently undergoing a financial restructuring process in accordance with Indonesian laws. The largest shareholder in the restructured Mandala will be the Saratoga group, which will hold a 51 per cent stake. The remaining 16 per cent will be held by the previous shareholders and creditors of Mandala. The next stage of the process for completion of the proposed investment involves satisfying conditions precedent, which includes, among others, the parties ratifying certain corporate actions and obtaining regulatory approvals. Completion is scheduled to take approximately 90 days, after which flight operations are expected to commence. Ac...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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