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.

SOURCE: http://www.rappler.com/business/industries/23352-tiger-airways-seair-mandala-expansion

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