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June 18, 2014

Tigerair: Mandala Unit To Cease Operations From 1 July 2014.



Tigerair: Mandala Unit To Cease Operations From 1 July 2014.
18 Jun 2014 17:18 The Board of Directors of PT Mandala Airlines announced that its airline, operating under the brand name of Tigerair Mandala, will cease operations from 1 July 2014. Tiger Airways Holdings had acquired a 33.0% stake in Mandala in January 2012, and increased it to 35.8% in September 2013 through its wholly owned subsidiary, Roar Aviation Pte Ltd. Together with the Saratoga Group and PT Cardig International, the key ultimate shareholders of Mandala have vigorously explored various options in recent months. The partners concluded that Mandala would not be able to sustain its operations. As a result, they have decided to cease funding the airline...

News on Tigerair Mandala:
In an announcement on Wednesday, Singapore budget carrier Tigerair which owns 36 per cent of the Indonesian carrier said the decision was made amid tough operating conditions
Date & Time of Broadcast18-Jun-2014 17:15:05
Submitted By (Co./ Ind. Name  Ho Zhuanglin
Announcement Sub Title 
TIGERAIR MANDALA TO CEASE OPERATIONS FROM 1 JULY 2014

Dear customers with existing Mandala Airlines (flight designator "RI") flight bookings,

PT Mandala Airlines ("Mandala") deeply regrets to inform customers that its airline (operating under the brand-name of "Tigerair Mandala") will cease operations from 1 July 2014.

Customers who hold a flight booking with flight designator "RI" should note the following:

- All Mandala flights from now to 30 June 2014 will operate as scheduled.

- The last flight to be operated will be RI545 on 1 July 2014, HKG-DPS departure time 0235hrs.

- All other flights operated by Mandala on 1 July 2014 and thereafter will be cancelled.

As a gesture of goodwill, the Tigerair Group will assist all affected customers with either a flight transfer to a TR flight if seats are available, or a refund for tickets booked for travel on 1 July or thereafter. Tigerair has no legal obligation or responsibility to do so. All legal obligations and responsibilities still rests with Mandala.

Customers requiring assistance on flight transfer or ticket refund must contact the Mandala call centre +62 (021) 2939-6688 or the Tigerair call centre (full list of numbers available at http://www.tigerair.com/sg/en/contact_us.php) by 31 July 2014. You may also check tigerair.com for additional information.

The Board and staff of Mandala wish to thank all customers for your support and sincerely apologise for any inconvenience caused.

Thank you.
Board of Directors of  PT Mandala Airlines  
http://www.tigerair.com/sg/en/contact_us.php

“Mandala’s financial results reflect the challenges that it is facing in the difficult operating environment,” says Tigerair chief executive Lee Lik Hsin.

“The partners in Mandala have jointly come to the conclusion to cease funding the airline’s operations. Nevertheless, Indonesia remains an important market for us, and we will continue to maintain an active presence through Tigerair Singapore.”

The closure of the Indonesian unit is the first major strategic move for Lee, who became Tigerair’s chief executive in May. A veteran of Tigerair shareholder Singapore Airlines (SIA), Lee replaced Koay Peng Yen, who led the carrier for less than two years.

“The decision to pull out of Mandala will enable Tigerair Group to focus on its turnaround strategy, which includes fleet consolidation, strategic alliances, and asset-light growth model.”

In early May, Tigerair reported a net loss of S$223 million ($178 million) for the year ended 31 March, compared with a net loss of S$45.4 million a year earlier. SIA paid S$49 million last December for an additional 7.3% stake in Tigerair's parent company, bringing its total stake in the airline to 40%.

"Together with the Saratoga Group and PT Cardig International , the key ultimate shareholders of Mandala have vigorously explored various options in recent months," Tiger said. Tigerair Mandala has a tiny share of a market overwhelmingly dominated by Lion Air group and flag-carrier Garuda Indonesia , which are adding routes and ordering more aircraft.
Lost in the airline jungle, Tigerair Mandala. There is no reason to believe that Tigerair Australia will be affected by the Philippine or Indonesian failures, other than to reflect on the damage those two ventures have done to the trans border brand, and to the Singaporean investors in the franchise, including Singapore Airlines which is now reported as holding 40 percent of the peak holdings company. 

- Malaysia's AirAsia has dropped a plan to acquire Indonesian low-cost carrier Tigerair Mandala and will instead grow its business organically in South-east Asia's biggest economy with planned investment of US$300 million (S$375 million) a year. Singapore-based Tiger Airways Holdings is looking to sell its 35.8 per cent stake in Mandala to cut its overseas exposure and focus on returning its flagship Tigerair business to profitability. 
"We would like to confirm that we evaluated to purchase Mandala. And after a long search have decided not to pursue this transaction," AirAsia Group Chief Executive Tony Fernandes said in an email to Reuters on Friday. 
Our database shows that Tigerair Mandala operates nine Airbus A320 aircraft powered by IAE V2500 engines. Seven aircraft are owned by Pembroke Aircraft Leasing, and two by GECAS.

 For further info on refunds and other inquiry pls follow @tigerairmandala or call center 021 29396688. #tigerairmandala #7wonderstour


http://www.7wonders-tour.com

 
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