Tiger shareholders okay rights issue and sale of Aussie stake

Singapore

SHAREHOLDERS of beleaguered budget carrier Tiger Airways overwhelmingly voted in favour of both the divestment of its 40 per cent stake in Tigerair Australia as well as a proposed rights issue that could raise up to S$234 million.

At an extraordinary general meeting on Thursday morning, 99.83 per cent voted in favour of the sale Down Under, while 98.34 per cent threw their backing behind the rights issue.

Tiger is selling off its remaining 40 per cent stake in Tigerair Australia to Virgin Australia for A$1, resulting in a loss of S$59.8 million from the sale. The group has also divested its stake in Tigerair Philippines, while in Indonesia, Tigerair Mandala has ceased operations. Thi…