Thai Airways International Plc said plans for a budget airline alliance with Singapore’s Tiger Airways won’t be affected by news that two big Tiger shareholders and its chief executive sold discounted shares in the budget carrier.

Tiger said this week that substantial shareholders Indigo Singapore Partners and Ryanasia, along with chief executive Tony Davis, sold 65.796 million Tiger shares at a discounted price of $1.90 in a transaction worth about $125 million.

“The share sales have not led to change in management of Tiger Air, while Indigo and Ryan Air are still major shareholders of Tiger and a senior executive of Ryan Air reaffirmed that he will be board member of Thai Tiger,” Thai Airways president Piyasavasti Amranand said in a statement.

“The share sale has no impact on Thai Air alliance with Tiger,” he added.

This month, Thai Airways announced plans to form a budget airline with Tiger to be called “Thai Tiger Airways”. The new airline had planned to acquire 10 new Airbus A320s in 2011 and 2012.

Thai Airways, which is in the process of restructuring, is also considering the possibility of setting up a regional airline service in a drive to become a fully integrated airline.

Thai Airways, 51%-owned by the government, plans to raise 15 billion baht ($644 million) via share issues and is seeking 20 billion baht in loans from domestic banks to help restructure its finances.

In Singapore, Tiger Airways shares flat at $1.92.