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Tiger Airways completes purchase of 40% of Seair

15 Aug 2012 22:11:26

abs-cbnnews.com

Singapore-based budget carrier Tiger Airways has completed the purchase of a 40-percent stake in a Philippine aviation firm, Southeast Asian Airlines, for $2.5 million.


In a disclosure statement filed on Tuesday morning at the Singapore Exchange, Tiger Airways Holdings Ltd. said it would also lend $40 million in working capital to Seair over a five-year term.


On Monday night Seair officials and their lawyers from the Romulo Mabanta Buenaventura Sayoc & de los Angeles Law Offices hammered out the final details of the Tiger Air investment with the latter's lawyers from the Angara Abello Concepcion Regala & Cruz Law Offices.


The meeting took place at the AccraLaw's board room in its building at The Fort, Taguig City, and started at 5 p.m., ending past 10 p.m., according to sources.


At the meeting, elected chairman of the board of Seair was Koay Peng Yen, chief executive officer of the Tiger Group. Other members of the board are Patrick Tan, Chris Ward, Tomas B. Lopez, Geraldine Olivares and Olma Inocentes. The sources said the board seats "œmay be expanded to nine."


Appointed new president and chief executive officer was Patrick Tan, Seair former vice president for marketing, and chief operating officer, vice Avelino Zapanta.


"œThis deal represents a significant step forward for Seair and will allow the airline to continue its tremendous growth and job-creation drive for Filipinos, bringing increased prosperity, highly-skilled jobs and tourism to the country," newly appointed CEO Patrick Tan said in a separate statement.


Read full story: abs-cbnnews.com

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