AirAsia Bhd has completed the listing of its Indonesian arm, Indonesia AirAsia (IAA).
This follows PT AirAsia Indonesia Tbk’s (AAID’s) purchase of 57.25 per cent in IAA.
AAID had recently completed a rights issue which raised 3.4 trillion rupiah (or RM1.06 billion) and sold its coal trading and transportation business for 26 billion rupiah, the proceeds to be used as working capital.
Meanwhile, AirAsia’s wholly-owned subsidiary, AirAsia Investment Ltd (AAIL), continues to hold 20.95 per cent in IAA.
It had also acquired a 47.71 per cent in AAID, previously known as PT Rimau Multi Putra Pratama Tbk, pursuant to the transfer of IAA Perpetual Securities to the company worth 1.27 trillion rupiah.
The corporate exercise is meant to provide IAA access to Indonesia’s equity capital markets, increase its visibility and profile, and enable it to benefit from higher corporate governance standards, AirAsia said.
PT RHB Sekuritas Indonesia was the principal adviser and principal arranger for the transaction whereas Hiswara Bunjamin & Tandjung, in association with Herbert Smith Freehills, acted as legal counsels for the transaction.