|Description||AIRASIA X BERHAD ("AAX" OR "THE COMPANY")
- UPDATE ON STATUS OF JOINT VENTURE
i) AAX Thailand Joint Venture
As announced on 4 February 2014, Thai AirAsia X Co., Ltd joint venture ("TAAX") has officially received the approval from the Department of Civil Aviation of Thailand for the Air Operator's Certificate ("AOC") on 3 February 2014. With this AOC, TAAX will now commence application for operating permits and slots to its intended international routes. TAAX will also lease two Airbus 330-300 from a subsidiary of the Company in its first year of operations.
ii) AAX Indonesia Joint Venture
On 23 January 2014, AAX entered into a Joint Venture Agreement ("JVA") with PT Kirana Anugerah Perkasa ("PTKAP") for the purpose of establishing a joint venture co-operation to set up a long-haul low cost airline in Indonesia which will operate through an Indonesian incorporated entity, PT. Indonesia AirAsia Extra ("IAAX"). IAAX was incorporated on 22 May 2013 as a limited liability company under the laws of Republic of Indonesia with authorised capital of Rp680,484,141,540 divided into 69,686,036 shares of Rp9,765 each and issued and paid-up capital of Rp292,950,000,000 divided into 30,000,000 shares of Rp9,765 each, with PTKAP holding fifty one per centum (51%) and AAX holding forty nine per centum (49%).
Except for those disclosed as per above, there is no corporate proposal which is announced but not completed as at 18 February 2014, being the latest practicable date of this report.
This announcement is dated 25 February 2014.
|Company Name||AIRASIA X BERHAD|
|Date Announced||25 Feb 2014|