Saratoga Capital, private equity under control by Sandiaga Uno and Edwin Soeryadjaja, agreed to acquire 51 percent share PT Mandala Airlines. Tiger Airways Holdings Ltd. also agreed to buy a 33 percent stake in Mandala Airlines to expand in Indonesia. The creditors will have 16 percent share in Mandala.
Sandiaga Uno says Saratoga prepare IDR1 trilion to inject capital for Mandala Airlines. "This is long term business," he says tonight.
Mandala, which is undergoing a financial restructuring,plans to adopt a low-cost business model,
Tiger, part-owned by Singapore Airlines Ltd., also this year agreed to a tie-up with South East Asian Airlines to add flights in the Philippines.
Mandala plans to offer flights within a five-hour flyingradius using Airbus SAS A320 aircraft following its restructuring.
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