Wednesday, June 18, 2014

Bali Promotion Center: Tigerair: Mandala Unit To Cease Operations From 1 ...

 Tigerair: Mandala Unit To Cease Operations From 1 July 2014.
18 Jun 2014 17:18 The Board of Directors of PT Mandala Airlines announced that its airline, operating under the brand name of Tigerair Mandala, will cease operations from 1 July 2014. Tiger Airways Holdings had acquired a 33.0% stake in Mandala in January 2012, and increased it to 35.8% in September 2013 through its wholly owned subsidiary, Roar Aviation Pte Ltd. Together with the Saratoga Group and PT Cardig International, the key ultimate shareholders of Mandala have vigorously explored various options in recent months. The partners concluded that Mandala would not be able to sustain its operations. As a result, they have decided to cease funding the airline...

News on Tigerair Mandala:
In an announcement on Wednesday, Singapore budget carrier Tigerair which owns 36 per cent of the Indonesian carrier said the decision was made amid tough operating conditions
Date & Time of Broadcast18-Jun-2014 17:15:05
Submitted By (Co./ Ind. Name  Ho Zhuanglin
Announcement Sub Title

“Mandala’s financial results reflect the challenges that it is facing in the difficult operating environment,” says Tigerair chief executive Lee Lik Hsin.
“The partners in Mandala have jointly come to the conclusion to cease funding the airline’s operations. Nevertheless, Indonesia remains an important market for us, and we will continue to maintain an active presence through Tigerair Singapore.”
The closure of the Indonesian unit is the first major strategic move for Lee, who became Tigerair’s chief executive in May. A veteran of Tigerair shareholder Singapore Airlines (SIA), Lee replaced Koay Peng Yen, who led the carrier for less than two years.
“The decision to pull out of Mandala will enable Tigerair Group to focus on its turnaround strategy, which includes fleet consolidation, strategic alliances, and asset-light growth model.”
In early May, Tigerair reported a net loss of S$223 million ($178 million) for the year ended 31 March, compared with a net loss of S$45.4 million a year earlier. SIA paid S$49 million last December for an additional 7.3% stake in Tigerair's parent company, bringing its total stake in the airline to 40%.
Our database shows that Tigerair Mandala operates nine Airbus A320 aircraft powered by IAE V2500 engines. Seven aircraft are owned by Pembroke Aircraft Leasing, and two by GECAS.

No comments: