SINGAPORE (Oct 17): Share of Singapore's Tiger Airways Holdings Ltd fell 7.7 percent on Friday, hitting a record low, after it proposed a S$234 million ($184 million) rights issue and posted a second-quarter loss, partly on one-time charges.
It also agreed to sell its remaining 40 percent stake in Tiger Australia to Virgin Australia Holdings Ltd for a nominal sum of A$1.
Tiger, 40 percent-owned by Singapore Airlines Ltd, has been streamlining its businesses to stem losses. Singapore Airlines will convert its perpetual convertible capital securities holdings into shares ahead of the rights issue, which will raise its stake in Tiger to about 55 percent.
(1 US dollar = 1.2738 Singapore dollar)