Hi guys
You can download the draft Tiger IPO Prospectus here.
O P E R A - Offers and Prospectuses Electronic Repository and Access
I haven't had time to digest the financials (yet) but here are some interesting bits:
Increased competition in the airline industry could harm our Company
The airline industry is highly competitive. One of our shareholders, Singapore Airlines (together with its wholly-owned subsidiary, SilkAir (Singapore) Private Limited (“SilkAir”)) is a significant competitor of Tiger Airways Singapore. We neither coordinate our routes nor have any commercial cooperation agreements with
Singapore Airlines or SilkAir. Our Company and Singapore Airlines have not sought or received any exemption from Singapore competition laws and regulations. We compete with Singapore Airlines and SilkAir on 15 of our
international routes. See “Business — Competition”.
Conflicts of interest may arise between certain of our substantial shareholders, certain of our Directors and our Company
There can be no assurance that conflicts of interest will not arise between certain of our substantial shareholders, certain of our Directors and our Company, and that such conflicts can be resolved. Conflicts of interest may arise between one of our controlling shareholders, Singapore Airlines (and its wholly-owned subsidiary, SilkAir), and us with respect to our operations and business opportunities.
In addition to our competition with Singapore Airlines and SilkAir, Singapore Airlines is the controlling shareholder of SIA Engineering Company Limited
(“SIAEC”), one of our major suppliers. Each of Mr. Chan Hon Chew, Mr. Koh Swee Lim and Mr. Teoh Tee Hooi is a nominee of Singapore Airlines on our Board of Directors. Mr. Chan is senior vice president (finance) and Mr. Teoh is senior vice president (corporate services) of Singapore Airlines, and Mr. Koh is senior vice president (commercial) of SIAEC. In addition, Mr. Chow Kok Wah, divisional vice president (engineering operations) of Singapore Airlines, serves on the board of directors of Tiger Airways Australia as a nominee of our Holding Company.
We may also face conflicts of interest between Temasek Holdings, the parent of another of our substantial shareholders, Dahlia, as Temasek Holdings is the majority shareholder of Singapore Airlines and a significant investor in certain of our suppliers, such as SATS and Starhub Ltd. Temasek Holdings is also in negotiations with the Singapore government on the sale of Changi Airport Group (Singapore) Pte. Ltd. (“CAG”), which manages and runs Singapore’s Changi Airport, to Temasek Holdings. Temasek Holdings may own CAG in the future. Mr.
Lee Chong Kwee is a nominee of Dahlia on our Board of Directors.
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Page 139 describes Tiger Airways' transactions with SIA.