Tigerair shareholders approve sale of stake in loss-making Philippine unit
Published on Mar 10, 2014 6:07 PM
Shareholders of Tigerair have given the green light for the budget carrier to sell its entire stake in its loss-making Philippine unit.
The company announced in a statement to the Singapore Exchange on March 10 that an extraordinary general meeting (EGM) held on the same day had passed the resolution to sell its 40 per cent interest in Tigerair Philippines.
It said in January that it's selling the stake to Philippine carrier Cebu Air for US$7 million or about $8.9 million then.
Tigerair estimated a net loss on the disposal of $30.3 million in its presentation to shareholders at the EGM.
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