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The Capital Group Offloaded Tiger Airways Shares

The Capital Group Companies Inc has offloaded about 7 million shares of Tiger Airways to cut its ownership from 5.93% to 4.7%.

The Capital Group disposed the shares through a series of transactions in the period of July 5 to July 12, 2011.

Tiger Airways shares closed lower by 0.5% Friday to S$1.005. At that price, Tiger Airways currently has market capitalization of S$545 million. The IPO of Tiger Airways was sponsored by Citigroup and Morgan Stanley.

Tiger Airways shares have dropped 55% from its peak last year. The stock dropped almost 35% in the past few weeks.

Tiger Airways is partner of Saratoga in the acquisition of majority shareholding in the troubled Mandala Airlines in Indonesia.

Tiger Airways is trying to resolve issues with Australian Authorities, which suspended the airline’s domestic services. Tiger told SGX Friday that it expects to resume services by August 1st, 2011.

Adapted from The Indonesia Today.

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