Budget carrier's ups and downs

Tigerair and SIA planes at Changi Airport.
Tigerair and SIA planes at Changi Airport.PHOTO: ST FILE

December 2003: Singapore Airlines unveils plans to set up a budget carrier to be 49 per cent owned by SIA and 11 per cent by Temasek Holdings. The rest is to be taken by US-based Indigo Partners and the Ryan family, of Europe's Ryanair.

September 2004: Tigerair launches first commercial flight.

November 2007: Tiger's Australian arm starts flying.

January 2010: Its initial public offering raises $248 million at $1.50 a share. The Singapore retail allocation is subscribed 21 times. SIA's stake is cut to about a third.

December 2010: Tigerair ties up with SEAir in the Philippines and in February 2011, buys a third of the carrier which later changes its name to Tigerair Philippines.

July 2011: Tiger Airways Australia is grounded by the authorities over safety concerns, sparking a management overhaul and the entry of SIA divisional vice-president Chin Yau Seng as Tiger's new head. Industry veteran J. Y. Pillay joins as non-executive chairman.

November 2011: Tigerair raises $155 million in a cash call to investors.

April 2012: Tigerair Mandala (Indonesia), about a third owned by Tiger Airways, starts flying.

April 2013: Tigerair makes another cash call to investors and raises close to $300 million.

July 2013: Tigerair sells 60 per cent of its stake in Australian affiliate to Virgin Australia.

January 2014: Tigerair sells its stake in the Philippine affiliate to Cebu Pacific.

July 2014: Tigerair Mandala ceases operations.

October 2014: Tigerair unveils plans to sell its Australian arm to Virgin Australia for A$1 and makes a third cash call to shareholders. SIA lifts its stake to 55.8 per cent.

A version of this article appeared in the print edition of The Straits Times on November 07, 2015, with the headline 'Budget carrier's ups and downs'. Print Edition | Subscribe