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AirAsia on track to sell remaining 30 aircraft, RM2.89b disposal proceeds received so far

September 3, 2018 5:36 AM
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PETALING JAYA: AirAsia Group Bhd said it is on track to complete the disposal of the remaining 30 aircraft and 14 aircraft engines under its plans to divest the aircraft leasing operations.

It is the group's strategy to divest non-core assets and focus on its core airline operating business.

The low-cost carrier told Bursa Malaysia that it had completed the transfer of an additional number of aircraft pursuant to the sale purchase agreements entered with Incline B Aviation Ltd Partnership and FLY Leasing Ltd on August 30, 2018.

"The total number of aircraft involved under the abovementioned transfer is 15 aircraft and AirAsia has received US$201.5 million in gross proceeds in the form of US$151.5 million as cash consideration and 3.33 million FLY equity issued at US$15.00 per FLY depository share to AirAsia in accordance with the FLY subscription agreement."

To date, the cumulative number of aircraft transferred is 54 and the group has received gross proceeds totaling US$703.1 million (RM2.89 billion).

AirAsia had said the total proceeds are expected to be US$902 million (RM3.71 billion).

At the noon break, its share price fell 6 sen or 1.7% to RM3.38 with 4.42 million shares changing hands.


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