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Transactions (Chapter 10 of Listing Requirements) : Recurrent Related Party Transactions

BackFeb 23, 2016
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description
AIRASIA X BERHAD ("AAX" or "the Company")
- RECURRENT RELATED PARTY TRANSACTION ("RRPT)

The Company wishes to announce that the actual value of the following RRPT has exceeded the estimated value of the RRPT disclosed in the Circular to Shareholders dated 13 May 2015 of AAX (“Estimated Value”):-

 

Related Party

Nature of Transaction

Estimated Value

(RM’000)

Actual value of RRPT up to 22 February 2016

(RM’000)

Variance (RM’000)

Variance (%)

Tune Insurance Malaysia Berhad (“Tune Insurance”)

Receipt of commission income of 25% on all insurance premiums received by Tune Insurance pursuant to the Company’s role as a corporate agent of Tune Insurance for the provision of AirAsia Insure, a travel protection plan which provides coverage for losses arising from, amongst others, personal accident, medical and evacuation, emergency medical evacuation and mortal remains repatriation, travel inconvenience such as flight cancellation or loss or damage to baggage and personal effects, flight delay and on-time guarantee.

3,100

3,747

647

20.9

Tune Insurance Malaysia Berhad (“Tune Insurance”)

Payment to Tune Insurance of insurance premiums collected on its behalf pursuant to our Company’s role as a corporate agent of Tune Insurance for the provision of AirAsia Insure, a travel protection plan which provides coverage for losses arising from, amongst others, personal accident, medical and evacuation, emergency medical evacuation and mortal remains repatriation, travel inconvenience such as flight cancellation or loss or damage to baggage and personal effects, flight delay and on-time guarantee.

12,500

14,988

2,488

19.9

 

The reason for the variance between the actual amount charged and the estimated value was due to the increase of sales for the Company’s flight tickets which resulted in higher sales of AirAsia Insure and commission paid out to the Company subsequent to the shareholders’ mandate obtained in 4 June 2015.

 

This announcement is dated 23 February 2016.





Announcement Info

Company Name AIRASIA X BERHAD
Stock Name AAX
Date Announced 23 Feb 2016
Category General Announcement for PLC
Reference Number GA1-23022016-00010