Tiger Airways to shut loss-making Indonesian airline
SINGAPORE "” Singapore budget carrier Tiger Airways Holdings is shutting its loss-making Indonesian operations, a casualty of intensifying competition in Southeast Asia's largest domestic airline market.
Tigerair Mandala will stop operations from July 1, said Tiger, which owns 35.8 per cent of the Indonesian low-cost airline. The decision confirms a Reuters story published in March.
"œTogether with the Saratoga Group and PT Cardig International, the key ultimate shareholders of Mandala have vigorously explored various options in recent months," Tiger said. "œThe partners concluded that Mandala would not be able to sustain its operations. As a result, they have decided to cease funding the airline."
Read full story: todayonline.com
Posted: 19 Jun 2014 23:16:22