Tiger Airways Plans PH Expansion
Tiger Airways Holding Ltd, parent company of budget carrier Tiger Airways, plans to raise $297 million to fund plans for future Asian expansion, specifically in Indonesia and the Philippines.
In a company disclosure released on March 4, the airline said that the amount will be raised through rights issue and convertible securities with an estimated gross proceeds of $77.2 million and $219.8 million, respectively.
The amount will be used for expansion plans, debt payment and fortifying its financial position, the disclosure noted.
The budget carrier mentioned its increased operations in the past 4 years on top of its investments in Indonesia and the Philippines as main reason for the company’s plans for expansion.