Tigerair unveils new rights issue as losses hit $182.4m in Q3

Its revenue dropped 10.5%.

Tiger Airways today reported a 10.5% year-on-year revenue decline for the quarter ended on September 30, while its losses ballooned to $182.4m in the same period.

Tigerair also revealed its plan to raise up to S$234m through a renounceable 85 for 100 rights issue with 1.2b new ordinary shares at an issue price of S$0.20 per rights share.

According to OCBC, Singapore Airlines has announced to undertake to subscribe for its pro rata entitlement, and also subscribe for excess rights shares, up to a total of S$140m.

“Tigerair also put in provisions of, 1) the previously announced S$93m relating to the sublease of its 12 grounded aircrafts, 2) an additional S$6.3m for a further two to four aircraft that may potentially be subleased and 3) S$59.8m for the divestment of Tigerair Australia. Secondly, Tigerair has signed an agreement with Virgin Australia to sell its remaining 40% stake in Tigerair Australia for AUD1 and will continue to receive franchise revenues. Lastly, Tigerair also announced its plan to raise up to S$234m through a renounceable 85 for 100 rights issue with 1.2b new ordinary shares at an issue price of S$0.20 per rights share (16-Oct closing price: S$0.325).” stated OCBC.

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