ID :
200253
Wed, 08/10/2011 - 06:20
Auther :
Shortlink :
https://oananews.org//node/200253
The shortlink copeid
MAS, AIRASIA AND AIRASIA X TO LEVERAGE ON CORE STRENGTHS
KUALA LUMPUR, Aug 10 (Bernama) -- Malaysia Airlines (MAS), AirAsia Bhd and
Airasia X Sdn Bhd Tuesday entered into a comprehensive collaboration framework
(CFF) to leverage on their respective core strengths.
The framework will include a collaboration agreement to explore
opportunities to co-operate on a broad range of areas.
Group Chief Executive CIMB Group Nazir Razak said to strengthen
the collaboration and to establish a mutuality of interest, MAS and AirAsia
would issue free warrants to each other's shareholders.
CIMB Group is the arranger for the deal.
Independent advisers would be appointed to advise minority shareholders on
the proposed warrants, he said in his presentation on the deal here Tuesday.
Nazir also said Tune Air Sdn Bhd and Khazanah Nasional Bhd, the major
shareholders of AirAsia and MAS, respectively, have agreed to acquire from each
others existing shares.
As a result, Tune Air would hold 20.5 per cent shares in MAS and Khazanah
would hold 10 per cent shares in AirAsia, he said, adding that Khazanah would
continue to be the single largest and major shareholder of MAS.
"The agreement will come into effect immediately upon its execution and
shall remain in effect for five years from the date of the collaboration
agreement, with an option for a further five-year renewal," he added.
Nazir also said a joint collaboration committee has been formed to
implement a collaboration agreement, which was part of the framework.
It will be chaired by MAS board member Mohamed Azman Yahya with other
members including MAS Executive Director Mohammed Rashdan Mohd Yusof, AirAsia
Group Chief Executive Officer Tony Fernandes and its Deputy Group Chief
Executive Officer Kamarudin Meranun.
An advisory panel, chaired by Abdullah Ahmad Badawi, has also been
established to ensure all parties involved in the framework operate in the
interest of the public and reflect the aspiration of all consumers.
The framework will also see the appointment of Mohamed Azman and Mohammed
Rashdan as non-independent non-executive directors in AirAsia and alternate
directors, respectively, effective Aug 11.
At the same time, Tony and Kamarudin will be appointed as non independent
non executive directors of MAS, effective the same date.
Asked on the kind of synergy that would arise from the deal, Nazir said it
was too early to tell.
On the price of the share swap, Nazir said it was determined based on the
price on Aug 5.
Airasia X Sdn Bhd Tuesday entered into a comprehensive collaboration framework
(CFF) to leverage on their respective core strengths.
The framework will include a collaboration agreement to explore
opportunities to co-operate on a broad range of areas.
Group Chief Executive CIMB Group Nazir Razak said to strengthen
the collaboration and to establish a mutuality of interest, MAS and AirAsia
would issue free warrants to each other's shareholders.
CIMB Group is the arranger for the deal.
Independent advisers would be appointed to advise minority shareholders on
the proposed warrants, he said in his presentation on the deal here Tuesday.
Nazir also said Tune Air Sdn Bhd and Khazanah Nasional Bhd, the major
shareholders of AirAsia and MAS, respectively, have agreed to acquire from each
others existing shares.
As a result, Tune Air would hold 20.5 per cent shares in MAS and Khazanah
would hold 10 per cent shares in AirAsia, he said, adding that Khazanah would
continue to be the single largest and major shareholder of MAS.
"The agreement will come into effect immediately upon its execution and
shall remain in effect for five years from the date of the collaboration
agreement, with an option for a further five-year renewal," he added.
Nazir also said a joint collaboration committee has been formed to
implement a collaboration agreement, which was part of the framework.
It will be chaired by MAS board member Mohamed Azman Yahya with other
members including MAS Executive Director Mohammed Rashdan Mohd Yusof, AirAsia
Group Chief Executive Officer Tony Fernandes and its Deputy Group Chief
Executive Officer Kamarudin Meranun.
An advisory panel, chaired by Abdullah Ahmad Badawi, has also been
established to ensure all parties involved in the framework operate in the
interest of the public and reflect the aspiration of all consumers.
The framework will also see the appointment of Mohamed Azman and Mohammed
Rashdan as non-independent non-executive directors in AirAsia and alternate
directors, respectively, effective Aug 11.
At the same time, Tony and Kamarudin will be appointed as non independent
non executive directors of MAS, effective the same date.
Asked on the kind of synergy that would arise from the deal, Nazir said it
was too early to tell.
On the price of the share swap, Nazir said it was determined based on the
price on Aug 5.
