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Tiger Air to be delisted from SGX on May 11
TIGER Airways will be delisted from the Singapore Exchange on 9am on Wednesday (May 11) after parent company Singapore Airlines successfully launched a take-over bid.
Last week, Tiger reported a net profit of S$282,000 for FY15 after four years of losses, marking the success of its turnaround plan. It has divested bleeding ventures overseas and tightened its operations at home in Singapore, as South-east Asia's carriers struggle with overcapacity in the region.
In November last year, SIA announced it was seeking to acquire the shares it did not already own in Tiger at 41 Singapore cents apiece; however, it was forced to raise this to 45 cents per share after facing resistance from Tiger's minority shareholders. Tiger was listed at S$1.50 per share.
SIA believes that fully integrating Tiger within the group will strengthen the latter's future growth prospects.