Tiger completes sale of stake in Philippine unit

BUDGET carrier Tiger Airways, which yesterday completed the divestment of a 40 per cent stake in Tigerair Philippines to Cebu Pacific, will leverage on Cebu Pacific's network in the Philippines and North Asia as part of a strategic alliance between the two carriers.

Cebu Pacific, for its part, will be able to extend its network to include Australia and India.

In January this year, the Philippines' biggest carrier said that it would acquire 100 per cent of Tigerair Philippines for US$15 million, including Tiger's 40 per cent stake for US$7 million.