Voluntary Winding-Up Of Dormant Overseas Companies

BackFeb 25, 2010


Type Announcement
Contents The Board of Directors of AirAsia Berhad (“AirAsia” or “the Company”) wishes to announce that it has on the date of this announcement resolved to voluntarily wind-up AirAsia’s dormant overseas companies in Brunei, Philippines and Singapore (“Dormant Overseas Companies”). The rationale for the resolution to voluntarily wind-up the Dormant Overseas Companies is that they no longer serve AirAsia’s current operational needs and by winding them up, AirAsia will be able to avoid future recurring costs of maintaining the Dormant Overseas Companies.

The Dormant Overseas Companies to be voluntarily wound-up are as follows:

1) AirAsia (B) Sdn. Bhd., a wholly owned subsidiary company of AirAsia which was duly incorporated under the laws of Brunei on 10 July 2006;
2) AirAsia Philippines Inc., a 39.9% owned associate company of AirAsia which was duly incorporated under the laws of Philippines on 22 March 2005; and
3) AirAsia Pte. Ltd., a 49% owned through AirAsia’s wholly owned subsidiary company, AA International Limited, which was duly incorporated in the Republic of Singapore on 23 September 2003.

Financial Effects of the Voluntarily Winding-Up
AirAsia’s resolution to voluntarily wind-up the Dormant Overseas Companies in Brunei, the Philippines or Singapore will not adversely affect its operational requirements in those jurisdictions as AirAsia’s operational requirements are better served and met by the Company’s branch offices which have been registered and are already in operation in those countries.

Directors and Substantial Shareholders' Interest
None of the Directors and substantial shareholders of AirAsia or persons connected with them have any interest, direct or indirect in the voluntarily winding-up.

Approval required
The Members' voluntary winding-up does not require approval of the shareholders of AirAsia.

Directors' Statements on the Voluntarily Winding-Up
The Board of Directors of AirAsia, having considered all aspects for the voluntarily winding-up, is of the opinion that it in the best interest of the AirAsia Group.

Other information
For information, AirAsia’s branch office in Brunei was duly registered on 24 December 2007, the Singapore branch office was registered on 25 January 2008 and the Philippines branch office was registered on 27 June 2008.

It will take approximately twelve months to voluntarily wind-up each of the Dormant Overseas Companies.

This announcement is dated 25th February, 2010.




Announcement Info

Stock Name AIRASIA    
Date Announced 25 Feb 2010  
Category General Announcement
Reference No CMC-100225-75DAE