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
TIGERAIR MANDALA TO CEASE OPERATIONS FROM 1 JULY 2014
“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.
 |
| http://www.7wonders-tour.com |
Life is beautiful
No comments:
Post a Comment