30-Jan-2012 4:05 PM

Tiger Airways completes 33% investment in Mandala Airlines; Mandala to resume service in Apr-2012

Tiger Airways Holdings Limited announced (30-Jan-2012) the completion of its 33.0% investment in PT Mandala Airlines through the subscription of 22.6 million new Class C shares. Tiger Airways’ investment in Mandala will be held through its wholly-owned subsidiary in Singapore, Roar Aviation Pte Ltd. 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 (AOC), which has been frozen since the suspension of its operations in Jan-2011. The AOC is expected to be reactivated in Feb-2012, after which flight sales will commence ahead of the resumption of services in Apr-2012. Tiger Airways noted Mandala has undergone a financial restructuring process in accordance with Indonesian law. The restructured airline will adopt the Tiger Airways business model, and plans to offer low fare travel to international and domestic Indonesian destinations within a five-hour flying radius. Like other airlines in the Tiger Airways Group, the restructured airline would also operate A320 aircraft. Further information on the number of aircraft, the initial routes and destinations will be announced once all approvals have been granted by the regulators and authorities. [more - original PR] [more - original PR - II]

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