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SIA raises stake in Tiger Airways to over 93%

SINGAPORE Airlines (SIA) has boosted its stake in Tiger Airways to over 93 per cent, which will allow it to delist the budget carrier from the Singapore Exchange.

In a release to SGX on Friday night, Tiger said that SIA and concert parties held 93.77 per cent in the low-cost carrier as at 5pm on Feb 5.

SIA had initially made an offer of 41 Singapore cents per share for the shares it did not own in Tiger, but bumped it up to 45 cents after Tiger's long-term minority shareholders complained. Tiger's initial public offering took place at S$1.50 per share.

SIA is pushing for closer integration across the airlines in its group, which it says will put the beleagured budget carrier in a better position for future growth.

The offer remains open for acceptances until 5.30 pm on Feb 19.