Tiger Airways Holdings says it has used more net proceeds from the initial public offering (IPO) it completed in January 2010 to fund its fleet financing plan.
"Approximately S$16.9 million ($12.53 milion) has been utilised to fund our acquisition of aircraft and associated aircraft pre-delivery payments."
The utilisation is in accordance with the intended use of proceeds of the initial public offering and in accordance with the percentage allocated, adds the Group.
Tiger Airways Holdings said in January that it planned to use most of the funds - up to S$166 million - to acquire new Airbus A320-200s and meet the associated aircraft pre-delivery payments.
To date, the Group has used approximately S$128.1 million of the S$233.33 million net proceeds raised through the IPO.
Tiger's A320 fleet includes 19 aircraft and the carrier has a 52-aircraft backlog through 2016. The carrier recently advanced the delivery of a further two new Airbus A320 aircraft from the next financial year to the current financial year ending 31 March 2011. The total number of aircraft being delivered in this financial year will now increase to nine aircraft.
Source: Commercial Aviation Online
