4 hours Ago By MUHAMMED AHMAD HAMDAN
KUALA LUMPUR: AirAsia X Bhd (AAX) is seeking shareholder approval for several new related-party transactions (RPTs) worth over RM43 million.This includes a RM42 million base maintenance services agreement with Asia Digital Engineering Sdn Bhd, the group said in a bourse filing.The proposals, to be tabled at the company's annual general meeting on June 18, also cover a RM945,000 customer services partnership with Move Travel Sdn Bhd and a RM1.
5 million merchandising arrangement with Move Duty Free Sdn Bhd.At the same time, AirAsia X is proposing to renew its existing shareholder mandate for RRPTs involving services such as aircraft leasing, inflight catering, insurance, advertising and cargo operations.These involve entities linked to Capital A Bhd, AirAsia Bhd and other associated companies.
Among the most significant RRPTs are cargo-related transactions with Teleport Everywhere Pte Ltd valued at RM288 million, platform services from AirAsia MOVE Sdn Bhd estimated at RM75.7 million and inflight catering and merchandise procurement from Santan at RM57.7 million.
AirAsia X said the transactions are part of its ordinary course of business and will be conducted on normal commercial terms, with no special treatment given to related parties.The parties involved include directors and major shareholders such as Tan Sri Tony Fernandes, Datuk Kamarudin Meranun and Datuk Fam Lee Ee, who are linked to both AirAsia X and the related companies.In a separate filing, the group announced that Kamarudin, who is also a non-independent executive director, intends to deal in the company's shares during the closed period ahead of its financial results.
Kamarudin holds a direct stake of 8.54 per cent, or 38.17 million shares, and an indirect stake of 29.
31 per cent, or 131.03 million shares, via a combination of personal holdings and stakes through Tune Group and AirAsia Bhd.© New Straits Times Press (M) Bhd.
