Subscription of Shares in a Limited Liability Company in Singapore by AirAsia Exp Pte. Ltd.
Further to the announcements dated 29 March 2011 and 7 June 2011 in relation to a joint venture between AirAsia Berhad ("AirAsia" or "the Company") and Expedia Inc. and the incorporation of AirAsia Exp Pte. Ltd. (“AAE”) respectively, the Company is pleased to announce that it has through AAE, along with Expedia Inc. through Expedia Southeast Asia Pte. Ltd. (“ESEA”), as at 19 August 2011 each subscribed an aggregate of 12,288,559 ordinary shares at SGD 1 per share, representing fifty percent (50%) of the paid-up capital in AAE Travel Pte. Ltd. (“AAT”).
AAT is a joint venture entity incorporated to facilitate the online travel agency business which AirAsia and Expedia Inc have agreed to set up as mentioned in the said 29 March 2011 announcement.
2. INFORMATION ON AAT
AAT is a limited liability company incorporated in Singapore on 3 June 2011. The issued and paid up share capital of AAT after the subscription of shares by AAE and ESEA is SGD 24,577,118.
3. FINANCIAL EFFECTS OF THE TRANSACTION
The Transaction is not expected to have any material effect on the earnings and net tangible assets of the AirAsia group for the financial year ending 31 December 2011.
4. DIRECTOR'S AND/OR SUBSTANTIAL SHAREHOLDERS' AND/OR PERSONS CONNECTED WITH DIRECTORS OR SUBSTANTIAL SHAREHOLDERS' INTEREST.
To the best of the knowledge of the Company, none of the Directors or Substantial Shareholders of the Company and/or persons connected to them has any interest, directly or indirectly, in the above Transaction.
This announcement is dated 19 August, 2011.
|Company Name||AIRASIA BERHAD|
|Date Announced||19 Aug 2011|