OTHERS AIRASIA GROUP BERHAD ("AIRASIA" OR "THE COMPANY") INCORPORATION OF A SUBSIDIARY IN THE PHILIPPINES

AIRASIA GROUP BERHAD

Type Announcement
Subject OTHERS
Description
AIRASIA GROUP BERHAD ("AIRASIA" OR "THE COMPANY")
INCORPORATION OF A SUBSIDIARY IN THE PHILIPPINES

Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of AirAsia wishes to announce that BIGLIFE Sdn. Bhd. (formerly known as Big Loyalty Sdn. Bhd. and Think Big Digital Sdn. Bhd.) (“BIGILFE”), an indirectly 80% owned subsidiary of the Company, had on 18 March 2019 incorporated a wholly-owned subsidiary, BIGLIFE Philippines Inc. (the “Incorporation”), under the laws of the Philippines as a  company limited by shares for a total registered share capital of PHP10,400,000 (approximately RM806,000) comprising 104,000 ordinary shares. BIGLIFE holds 103,993 ordinary shares and seven other individuals (being the nominees of BIGLIFE) hold one ordinary share each in the Incorporation.

 

The purpose of the Incorporation is to own, operate and develop AirAsia’s BIG Loyalty program in the Philippines.

 

The Incorporation will not have any effect on AirAsia’s share capital and substantial shareholders’ shareholding and is not expected to have any material effect on the earnings per share, net assets per share as well as the gearing of the Company for the financial year ending 31 December 2019.

 

The establishment of the Incorporation is not subject to the approval of shareholders of the Company. None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct or indirect, in the Incorporation.

 

This announcement is dated 22 March 2019.

 

*Based on the exchange rate of PHP100:RM7.7482 published on the website of Bank Negara Malaysia on 18 March 2019.






Announcement Info

Company Name AIRASIA GROUP BERHAD
Stock Name AIRASIA
Date Announced 22 Mar 2019
Category General Announcement for PLC
Reference Number GA1-22032019-00026