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Tiger Airways plans to raise USD132 million in rights issue

26-Aug-2011 9:15 AM

Tiger Airways announced (25-Aug-2011) plans to raise USD132 million (SGD158.6 million) in a rights issue "to strengthen its balance sheet by increasing equity, therefore reducing leverage and providing the company with financial flexibility to fund its expansion plans". The carrier plans to offer one rights share for every two shares held by its investors, totaling 273.4 million new shares at SGD0.58 apiece. Tiger's shareholders - Singapore Airlines Ltd and Temasek Holdings, which collectively own 40.2% of the carrier - will subscribe to the rights issue. They have also committed to underwrite 90% of the sale. [more - Tiger Airways] [more - Tiger Airways Press Release #2] [more - Singapore Airlines]