Tiger Airways signed a term sheet for the purchase a 32.5% stake in SEAir for USD6 million from co-founders Iren Dornier and Nick Gitsis, who will hold a combined 7.5% stake in the carrier after the sale. A majority 60% stake of SEAIR will still be held by local investors.
The deal comes approximately three months after Tiger leased two of its A319 aircraft to SEAir. The parties will now proceed to finalise the definitive sale and purchase agreement for the stake. SEAir will offer short-haul, point-to-point flights within a five-hour flying radius, using A320 family aircraft and crew based in the Philippines.
- Passenger numbers: 1.6 million, -3.7% year-on-year;
- Domestic: 1.3 million, -0.8%;
- International: 236,090, -17.2%;
- Load factor: 82.5%, -1.7 ppts;
- Domestic: 79.9%, -3.6 ppts;
- International: 86.1%, +0.8 ppt;
- Average aircraft in fleet: 87.8, +2.6%;
- On-time performance: 81.4%, +8.2 ppts.
AirAsia financial highlights for the three months ended 31-Dec-2010:
- Revenue: USD603.9 million, +32.4% year-on-year;
*Based on the conversion rate at USD1 = MYR3.066
**Based on the conversion rate at USD1 = THB30.625
***Based on the conversion rate at USD1 = IDR8,870
Selected PEA daily share price movements (% change): 24-Feb-2011
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