Singapore Airlines to take full control of Tigerair
SIA’s offer for the shares it does not already own in the budget airline closes on Friday (Mar 4).
- Posted 04 Mar 2016 09:31
SINGAPORE: Flagship carrier Singapore Airlines (SIA) is set to take full control of Tiger Airways, with its offer for the shares it does not already own in the budget airline closing on Friday (Mar 4).
SIA launched its takeover offer for Tiger Airways on Nov 6 last year, with the intention of delisting and privatising the budget carrier.
On Feb 5, SIA’s stake in Tiger Airways rose to more than 90 per cent, the level required for delisting.
On Feb 26, SIA announced that it now owns, controls or has agreed to acquire more than 95.6 per cent of the budget carrier, a level which allows for the compulsory acquisition of all of the airline’s outstanding shares.
Shareholders who did not respond to the offer will receive a letter on the compulsory acquisition of their shares in due course, SIA said.
“Singapore Airlines would like to thank Tiger Airways shareholders who found our offer compelling. With full ownership of Tiger Airways, we will be able to fully integrate it within the SIA Group, strengthening Tiger Airways’ future growth prospects,” said SIA CEO Goh Choon Phong.