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Tiger sells its stake in loss-making Philippine unit for US$7m

It strikes strategic alliance with buyer Cebu Pacific

TIGER Airways has confirmed that it is divesting its 40 per cent stake in loss-making Tigerair Philippines to the Philippines' biggest budget carrier, Cebu Pacific, for US$7 million.

Assuming that the proposed sale had been completed on Sept 30, 2013, the estimated net loss is expected to...

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