May 20, 2011

Edwin Soeryadjaya, Tiger buys Mandala

A local private equity controlled by Indonesian businessman Edwin Soeryadjaya, Saratoga Capital, has acquired 51% shares of PT Mandala Airlines and it prepares IDR1 trillion merely to revive the RI-coded airline company.
For the initial stage, Saratoga has committed to inject US$20 million (around Rp171 billion) merely to back Mandala that ceased its operational activities on January 13 due to fund problems and fleet deficiency.
The founder of Saratoga Capital Sandiaga Uno said that the company is poised to inject more than Rp1 trillion to be further synergized with the capital placement of Tiger Airways. The Singapore based company purchased 33% shares of Mandala.
“One thing for sure we are poised to operate 10 units of planes (with 5 leased planes). We require around US$20 million to finance such fleets,” he said yesterday evening.

Disclosure: No position at the stock mentioned above.  

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