Tiger Airways Holdings Limited (Tiger Airways) announced the completion of a 33% investment in the Indonesian firm PT Mandala Airlines (Mandala) in Singapore, Tiger Airways CEO Chin Yau Seng said on Tuesday.
Tiger Airways’ investment in Mandala will be held through its wholly-owned subsidiary in Singapore, Roar Aviation Pte. Ltd.
Mandala has undergone a financial restructuring process in accordance with Indonesian law. The largest shareholder in the restructured Mandala will be the Saratoga group, which will hold a 51.3% stake. The remaining 15.7% will be held by the previous shareholders and creditors of Mandala.
The next stage of the process is to reactivate Mandala’s Air Operators Certificate (AOC), which has been frozen since the suspension of its operations in Jan. 2011. The AOC is expected to be reactivated in February, after which flight sales will commence ahead of the resumption of flights in April.
The restructured airline will adopt the Tiger Airways business model, and plans to offer low fare travel to international and domestic destinations in Indonesian within a 5-hour flying radius. Like other airlines in the Tiger Airways Group, the restructured airline would also operate Airbus A320 aircraft.
Further information on the number of aircraft, the initial routes and destinations will be announced once all approvals have been granted by the regulators and authorities.
“We are pleased to have completed this transaction and are excited about the re-launch of Mandala’s operations once its AOC has been reactivated,” said Chin Yau Seng in a written statement.
“Mandala is the first of Tiger Airways’ joint venture “Cubs” and represents a significant step in our efforts to expand our “paw-print” in this region.”
Sandiaga Uno, founding partner of Saratoga group said, “We are delighted by the successful completion of this investment with our valued partners. We take great pride in helping to return Mandala, a well-loved Indonesian icon, to the skies of Indonesia.”
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