Thai Airways and Tiger Airways signed an initial shareholders agreement, necessary to establish a new JV LCC, Thai Tiger Airways. THAI plans to invest USD3.3 million for a 49.9% stake in the LCC, although the investment is still pending regulatory approval. Tiger Airways will hold 39.0% of the paid-up share capital. RyanThai Ltd is a co-investor in Thai Tiger which will hold 10% of the paid-up share capital. The remaining 1.1% will be held by individual Thai shareholders. Shares in Tiger Airways finished 2.3% lower on Monday, while Thai Airways shares were 3.4% higher.