Shares of Singapore budget carrier Tiger Airways Holdings surged as much as 9.2% on Friday after its chairman, Joseph Yuvaraj Pillay, bought 200,000 shares in the company at $0.73 each, reported Reuters.

At 9:28 a.m., Tiger shares were up 7.2% at $0.82, outperforming the broader Straits Times Index which was 0.2% higher.

“Yesterday they made an announcement that the chairman doubled his stake in Tiger Airways. That gives the market a boost of confidence,” said Daniel Lau, an analyst at CIMB Research.

“Tiger can also be considered a laggard in the current market rally. Investors are also starting to see that operationally, Tiger has been seeing a lot of improvements,” he added.