Tigerair bounces off record low on Taiwan JV plan
Published on Dec 16, 2013 10:58 AM
SINGAPORE (Reuters) - Tiger Airways Holdings' shares jumped 3 per cent on Monday, off an all-time low hit last week, encouraged by the company's plan to form a joint-venture budget carrier in Taiwan.
Tigerair, in which Singapore Airlines owns about a third stake, said it would hold a 10 per cent stake in Tigerair Taiwan, the new joint venture with China Airlines, in a bid to tap the budget air travel market in North Asia.
Tigerair also signed an agreement with Indian budget airline SpiceJet to enhance connectivity between flights operated by both carriers, and formed a partnership with Scoot, a medium-to-long haul low-cost carrier owned by Singapore Airlines.
Tigerair's share price rose 3 per cent to $0.515, off an all-time low of $0.495, as the broader market edged lower. The share price has fallen 25 per cent so far this year as the carrier struggled with stiff competition.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here