SINGAPORE (Yosefardi) – Tiger Airways plans to divest 40% stake in Southeast Asian Airlines (SEAir) to Cebu Air. Wholly-owned subsidiary of the company, Roar II, had signed the offer letter on 7 January 2014.
Tigerair Singapore and Cebu Air also entered into of the Strategic Alliance Agreement. Roar II has on 10 February 2014 entered into the SPA with Cebu Air in respect of the Proposed Sale.
As announced in the Offer Letter Announcement, the consideration to be received by Roar II for the Sale Shares is US$7,000,000 (approximately S$8,750,0001), and will be satisfied by Cebu Air on the Closing Date.
The company, through Roar II, intends to use the proceeds from the Proposed Sale to partly satisfy the liabilities and forward sales of SEAir.