Tigerair shareholders approve sale of Australia stake, $234m rights issue

Over 1 billion new shares will be issued.

Struggling TigerAir yesterday clinched shareholder approval to divest its 40% stake in TigerAir Australia and raise $234m via a rights issue.

TigerAir’s shareholders overwhelmingly voted to approve both resolutions. The proposed sale was approved by 99.83% of shareholders, while the rights issue was approved by 98.36% of sharegolders.

TigerAir aims to raise $234m dollars by issuing approximately 1170m new shares at $0.20 per unit. Shareholders can buy 85 new shares for every 100 shares held.

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