Singapore's national flight carrier Singapore Airlines Ltd purchased of an additional 7.3% equity stake in budget carrier Tiger Airways Holdings
On Friday, national flight carrier Singapore Airlines Ltd announced that it has added a further 7.3% to its equity stake in budget carrier Tiger Airways Holdings Ltd. The additional stake was purchased from units of Singapore-based state investment company Temasek Holdings, according to MarketWatch.
In a statement made to the Singapore Exchange, Singapore Airlines said it now holds a 40% equity stake in Tiger Airways, the report said.
Singapore Airlines shelled out $49 million ($38.7 million) to buy the said stake. The national carrier bought the shares from Temasek units Aranda Investments Pte Ltd and Dahlia Investments Pte Ltd, the report detailed.
At present, Temasek controls 55.8% of the shares in Singapore Airlines, MarketWatch reported.
Established in 2004, Tiger Airways is a leading budget carrier in Singapore that offers affordable travel services. The company is comprised of four airlines including Tigerair Australia, Tigerair Singapore, Tigerair Mandala, and Tigerair Philippines. The group's network flies to more than 50 destinations in 13 countries across the Asia Pacific region, according to the Tiger Airways website.