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AirAsia Berhad ("AirAsia" Or "The Company") - Approvals Regarding The Following Proposals With Fly Asian Xpress Sdn Bhd ("FAX") 1. Subscription Of Shares, 2. Services Agreement , And 3. Consent For The Use Of The Name "AirAsia X"

BackAug 30, 2007

Type

Announcement
Subject AirAsia Berhad ("AirAsia" or "the Company") - Approvals regarding the following proposals with Fly Asian Xpress Sdn Bhd ("FAX")
1. Subscription of Shares,
2. Services Agreement , and
3. Consent for the use of the name "AirAsia X"

Contents :

Further to the Memorandum of Understanding (MOU) between the Company and FAX dated 5th January 2007 and the announcement made on the 20th July 2007 regarding the Brand Licence Agreement, the Company is pleased to further announce that its Board of Directors of the Company has today approved the following proposals:
  •  

      1. The subscription of redeemable convertible preference shares (RCPS) of RM1.00 each at par in the capital of FAX which will constitute up to 20% of the total share capital of FAX.

      2. The entering into a Services Agreement to FAX for purposes of providing certain support functions for FAX’s budget long haul air services.

      3. The grant to FAX of the right to use the name “AirAsia” on its proposed change to AirAsia X Sdn. Bhd..

(hereinafter collectively called “the Proposals”).

The above is subject to the formalisation of the respective definitive agreements and further announcements will be made to Bursa Malaysia pursuant to Chapter 10 of the Listing Requirements upon execution of the relevant agreements with FAX.

Directors' and major shareholders' interests

As mentioned in the previous announcements, Dato' Anthony Francis Fernandes and Dato' Kamarudin Bin Meranun are directors and major shareholders of the Company. Hence, they are deemed interested in the Proposals. They have previously abstained and will continue to abstain from all Board deliberations in respect of the Proposals.

The interested directors' and interested major shareholders' direct and indirect shareholdings in AirAsia as at 5th July 2007 are as set out in the table below.

Direct Indirect
No. of Shares % No. of Shares %
Dato' Anthony Francis Fernandes 2,627,010 0.11 729,458,382* 30.88
Dato' Kamarudin bin Meranun 1,692,900 0.07 729,458,382* 30.88
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      Notes:
      * deemed interested by virtue of Section 6A of the Companies Act, 1965 through a shareholding of more than 15% in Tune Air Sdn Bhd

      Save as disclosed no other directors and/or major shareholders of AirAsia and/or persons connected with them have any interest, whether directly or indirectly, in the Proposals.

      This announcement is dated 30th August, 2007.
 

Announcement Info

Company Name AIRASIA BERHAD  
Stock Name AIRASIA    
Date Announced 30 Aug 2007  
Category General Announcement
Reference No CM-070830-65011