Tiger Airways Board of Directors approves the sale of Tiger Airways to Virgin Australia

Tiger Airways announced (31-Jan-2013) its board of directors have passed a resolution for the sale of the carrier's majority stake in its wholly-owned subsidiary, Tiger Australia, to Virgin Australia at Tiger's Extraordinary General Meeting on 31-Jan-2013. Tiger chairman JY Pillay stated the carrier has "concluded that Tiger Airways Australia is just too small a player in the Australian market, and would need massive resources to reach a critical mass" which Tiger believe Virgin is capable of with Virgin's "strong desire to re-enter the budget space" making the sale of Tiger Airways Australia a "timely opportunity". Australian Consumer and Competition Commission (ACCC) is currently reviewing the sale. [more - original PR - Results] [more - original PR - Chairman opening address] [more - original PR - Presentation]