SINGAPORE-BASED Tiger Airways Holdings Ltd. has confirmed that it is currently in negotiations regarding a proposed transaction involving its Philippine unit Tigerair.
“The company would like to confirm that it is in the midst of negotiating a proposed transaction involving Tigerair Philippines. However, no definitive agreement has been signed at this time,” Tiger Airways Holding stated in a disclosure to the Singapore Stocks Exchange.
It added that, “The company will make appropriate announcements in the event there are any material developments in relation to this proposed transaction.”
Earlier reports said that Cebu Air Inc., the operator of Cebu Pacific, is in talks to buy Tigerair, the Philippine unit of Singapore-based Tiger Airways.
“We always look into opportunities for strategic alliances or acquisitions that will add to the continuing growth and profitability to Cebu Pacific,” B.J. Sebastian, JG Summit Holdings senior vice president and chief strategist, told The Manila Times reporter in a text message.
He added that, “But, we have nothing definite at this time with any party, and we will make the proper disclosure when there is something definite already.”
Meanwhile, Joey Laurente, Tigerair vice president for commercials, said in a text message to The Times that, they have no information on the Cebu Pacific-Tigerair possible buyout at the moment.
“But once we do, we [will]let you know,” he added that.
Tigerair earlier said that it continues to push boundaries in low-cost travel with its high-performance standards and innovative services that connect Filipinos to the rest of the world. The airlines also plans to open new routes next year.