The signing of all the documents was done on Friday (September 23), PT Mandala Airlines said in a press statement received here on Saturday.
Under the agreement, Saratoga Group would act as a financial investor and Tiger Airways as a corporate strategic investor.
Saratoga would be the majority shareholder controlling 51 percent of the company`s shares and Tiger Airways 33 percent.
The rest of the shares was to be held by concurrent creditors and old shareholders.
With the signing of the agreement, all parties had moved closer to a settlement of Mandala`s restructuring.
The Mandala`s press statement did not mention the value of Saratoga`s 51 percent and Tiger`s 33 percent stakes.
Mandala is currently still in the process of restructuring in accordance with Indonesian laws.
The next stage would be fulfilling transaction requirements needed including the government`s approval so that Mandala could immediately fly again.
Before Manadala could operate again, all of the processes had to be completed in 90 days` time.
Tiger Airways Holdings Ltd. CEO Chin Yau Seng said "we are glad we have reached an agreement on this transaction and hope Mandala can operate again soon."
Sandiaga Uno, one of the founders of the Saratoga Group, said "we are very glad about the finalization of the transaction documents and hope Mandala can operate again soon."
Diono Nurjadi, president director of Mandala Airlines, said he was also relieved that the long process to arrive at the deals had been completed.
"We thank all parties that have helped in the process and the government, especially the director general of air transportation, for their full support throughout the process ," he said.
Diono also expressed hope that Mandala`s plan to fly again could be realized soon.
After the change in Mandala`s ownership, the new airline company would follow a Tiger Airways business model, namely offering low cost fares on routes to international and domestic destinations that can be reached in five hours` time. Mandala had previously stated it would be using Airbus A320 planes.
(SYS/H-YH)
Editor: Suryanto
Copyright © ANTARA 2011
