Tiger Airways to raise $238 million for Asian expansion

The budget carrier, partly owned by Singapore Airlines, plans to raise the money through a rights issue and a preferential offering of perpetual convertible bonds.

Tiger Airways, which is currently one-third owned by Singapore Airlines, has announced that it plans to raise about S$297 million $238 million through a rights issue and a preferential offering of perpetual convertible securities.

It plans to use the proceeds mainly to fund its growing operations in Singapore and joint ventures in Indonesia and the Philippines, to repay existing debt and to strengthen its financial position, Tiger Airways said in a statement that was filed to the Singapore Exchange early yesterday.

The airline said it expects the fundraising will be completed by May, and it will be subject to shareholders’ approval at an extraordinary general meeting on...

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