Tiger Air

Tiger Air: Cebu Air, majority owned by JG Summit, will buy the 40% Tiger Air owns in Philippine budget carrier, Southeast Asian Airlines for US$7m, ahead of an alliance between the two smaller companies.Tiger estimates a net loss of $13.5m from the sale. The Philippines operations have been unprofitable for Tiger, and the sale comes after the company sold a 60% stake in Australian unit in April to Virgin Australia From Vietnam to Indonesia, more than a dozen budget airlines have started across SE Asia in the past decade as economic growth in the region, home to about 600m people, boosts demand for air travel. Tiger Air will nominate Cebu Air to buy the remaining 60% stake in Southeast Asian from other shareholders. Last month, Tiger Air agreed to set up a venture with China Airlines to tap into growing travel demand in Taiwan.