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Regd No:35356/1999 Under Act XXI of 1680 The Society for unity of people.
Wednesday, May 2, 2012
To:
"Naresh Kumar Sagar"
|
TUNE AIR CONTINUES SUPPORT FOR COLLABORATION,
REVERSES SHARE SWAP WITH KHAZANAH
KUALA LUMPUR, 2 May 2012
– Tune Air Sdn Bhd (“Tune Air”) today announced the reversal of the
share swap with Khazanah Nasional Berhad (“Khazanah”) while continuing
to support collaboration between AirAsia Berhad (“AirAsia), AirAsia X
Sdn. Bhd. (“AirAsia X”) and Malaysia Airline System Berhad (“MAS”).
Tune
Air Director Dato’ Kamarudin Meranun said: “We continue to believe in
the ability of the collaboration to create value for all shareholders
and ultimately to benefit passengers. Furthermore, we feel that the
collaboration will enable all three companies to be better prepared in
facing in a more competitive environment following the implementation of
the ASEAN Open Skies framework.”
In
August 2011, a Comprehensive Collaboration Framework (“CCF”) was
established to enable AirAsia, AirAsia X and MAS to explore
opportunities to co-operate on a broad range of areas so as to leverage
on their respective core competencies and optimise efficiencies. As part
of the CCF, Tune Air and Khazanah entered into a share swap agreement
to align the interests of the primary shareholders of AirAsia and MAS,
thereby strengthening the potential for collaboration.
Dato’
Kamarudin added, "In the eight months since the CCF was launched, we
have seen good progress in furthering the collaboration. Even with the
unwinding of the share swap, which is to remove any distraction from
ongoing efforts at the three airlines, we expect the collaboration
initiatives to continue and we will do everything in our capacity as
major shareholders of AirAsia to support this."
“Although
the share swap has to be unwound, the collaboration over the past eight
months has brought MAS and AirAsia closer together. Ten years of
non-collaboration and unnecessary struggle between us had come to an end
and we are now able to focus on our markets and core competencies,”
said Kamarudin.
The
unwinding of the share swap will see Tune Air transfer its 20.5% stake
or 685,142,000 ordinary shares in MAS back to Khazanah while Khazanah
will transfer its 10% stake or 277,650,600 ordinary shares in AirAsia
back to Tune Air.
This
transaction will be conducted based on the prices at the time the share
swap was announced in August 2011, where MAS was valued at RM1.60 per
share and AirAsia’s share at RM3.95. No cash will change hands.
Pursuant
to this, the nominee directors of Tune Air on MAS’ Board of Directors
(“Board”) and Khazanah’s nominee director on AirAsia’s Board will resign
immediately.
To:
nksagar_1@yahoo.com
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Dear N K Sagar,
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This email was sent to nksagar_1@yahoo.com by newsletter@csr-asia.com |
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