PETALING JAYA: AirAsia Group Bhd's (AAG) share price rose 0.90% this morning after it divested its remaining 25% stake in its joint venture (JV) company, AAE Travel Pte Ltd for US$60 million (RM240 million).
The airline sold its remaining stake to the 75% stakeholder in the company Expedia Inc’s Expedia Southeast Asia Pte Ltd -- in a bid to monetise its investment and utilise the proceeds as working capital.
At 10.41am, AAG was trading at RM3.38 with 2.18 million shares changing hands.
The group announced in a bourse filing yesterday that it has executed a share purchase agreement for the disposal and the cash purchase consideration is net of AirAsia’s concurrent purchase of AirAsiaGo.com domain names and related assets from AAE Travel Pte Ltd by Travel 360 Sdn Bhd.
AirAsiaGo.com, which offers a full suite of travel products including AirAsia flight and hotel packages featuring Expedia Group lodging content, will continue to be powered by Expedia Group.