Tiger Air delisting to be effective on Tuesday as SIA privatises budget carrier

SIA crosses the 90 percent threshold needed to delist the low cost carrier.

Singapore Airlines takes full control of Tiger Airways
A Tiger Airways Airbus A319 aircraft taxis on a runway at Changi Airport in Singapore May 13, 2009. Reuters

Tiger Airways will be delisted from the Singapore Exchange mainboard on Tuesday 8 November, Singapore Airlines (SIA) has said.

The flagship carrier said the planned delisting will be carried out as it has completed the redemption and cancellation of all outstanding securities.

Singapore Airlines said in March it was taking full control of budget carrier Tiger Airways with a plan to privatise the company, after completing a months-long takeover process.

SIA said last week it had crossed the 90 percent threshold needed to delist the low cost carrier. It added that it does not intend to restore the minimum 10 percent free float or to preserve the listing status of Tiger Airways. SGX rules stipulate that a listed company should have at least 10 percent of the issued shares in the public domain.

Singapore's flagship carrier said last week it raised stake in Tiger Airways to over 93 percent. It said Tiger Airways shareholders who have not yet accepted the offer can tender acceptances up to the closing date on Feb 19.