Tiger Airways Completes SEAir Investment

TIGER AIRWAYS HOLDINGS LIMITED
Media Release
13 August 2012
TIGER AIRWAYS COMPLETES INVESTMENT IN SOUTHEAST ASIAN AIRLINES
IN THE PHILIPPINES
Tiger Airways Holdings Limited ("Tiger") today completed the transaction to acquire a 40%
stake in Southeast Asian Airlines Inc ("SEAir") for US$2.5 million. The purchase price of
US$7 million, which was agreed with the sellers, has been reduced by the liabilities
determined in a due diligence review. The investment will be held through Tiger’s wholly
owned subsidiary Roar Aviation II Pte. Ltd.
Tiger is committed to supporting the working capital needs of SEAir, including pre-existing
liabilities, with shareholder loans of up to US$40 million. The loan tenure will be five years.
“Together with our Philippine business partners, our immediate focus will be on scaling up
the business through network expansion, building a strong customer base, and establishing
the airline’s brand presence,” said Tiger Group Chief Executive Officer Koay Peng Yen, “The
Philippines has tremendous growth potential and we welcome the opportunity to be at the
heart of it.”
The remaining Filipino shareholders, including individual investors, collectively own a 60%
share of SEAir.
The investment in SEAir is Tiger’s second joint venture. Tiger acquired a 33% stake in
Mandala Airlines in Indonesia in January 2012. The acquisitions are in line with Tiger’s
strategy to expand and develop its business in the region.
SEAir will adopt Tiger’s business model. This includes offering value fares to domestic and
international destinations within a five-hour flying radius of the Philippines.
Singapore Company Registration No: 200701866W
1 of 2
From 31 July 2012, SEAir has progressively launched domestic flights from Manila’s Ninoy
Aquino International Airport to the following destinations - Cebu, Davao, Tacloban, Iloilo,
Puerto Princesa, Kalibo (Boracay) and Bacolod. SEAir also operates flights from Clark
International Airport to Bangkok, Hong Kong, Kota Kinabalu, Singapore and Kalibo
(Boracay).
The airline currently has two A319s and three A320s. More aircraft will be progressively
added to build SEAir’s network.
###
ABOUT TIGER AIRWAYS
Tiger Airways is one of Asia’s leading low cost carriers. Established in September 2004, the
Airline has steadily grown its fleet to 31 A320 aircraft with an average age of under three
years. It has another two A319s and six A320s operated by associate airlines Mandala in
Indonesia, and SEAir in the Philippines.
Operating from Singapore and Australia, Tiger Airways’ network extends to over 30
destinations across 12 countries in the Asia Pacific region.
Tiger Airways is committed to offering customers great value fares and friendly service while
maintaining the highest standards of safety, security and reliability. For more information,
please visit www.tigerairways.com.
Singapore Company Registration No: 200701866W
2 of 2