AirAsia Group has confirmed that its publically-listed vehicle, PT AirAsia Indonesia Tbk (AAID), formerly known as PT Rimau Multi Putra Pratama Tbk, has completed the acquisition of shares in the group's PT Indonesia AirAsia (IAA) unit.
The Southeast Asian carrier group said in a Bursa Malaysia disclosure that as part of the transaction, AAID acquired a 57.25% shareholding in IAA after completing a rights issue of shares as well as the divestment of its coal trading and transportation businesses. Net cash proceeds of IDR26 billion rupiah (USD2 million) realized from the rights issue and the divestment are to be utilised for AAID's working capital requirements.
As it currently stands, the Group's AirAsia Investment Ltd (AAIL) unit continues to hold a 20.95% direct shareholding in IAA and, pursuant to the transfer of IAA Perpetual Securities amounting to IDR1.2745 trillion (USD94 million) to AAID, has acquired a 47.71% shareholding in AAID.
"The objective of the above corporate exercise is to provide IAA access to the equity capital markets, increase its visibility and profile, and also to benefit from the higher corporate governance standards that demand greater transparency and accountability being an integral part of an IDX listed entity," AirAsia said.
PT RHB Sekuritas Indonesia acted as the transaction's principal adviser and principal arranger while Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills acted as legal counsels.
Indonesia AirAsia currently operates seventeen A320-200s on scheduled passenger flights to 17 destinations across Indonesia as well as Australia, Thailand, India, Singapore, and Malaysia.
