PT Indonesia AirAsia (IAA), the Indonesian arm of Malaysia-based low-cost carrier AirAsia Bhd., has officially become part of publicly listed company PT AirAsia Indonesia (AAI) following the completion of a recent acquisition.
The former acquired a 57.25 percent shareholding in the latter on Friday.
Jakarta-listed PT Rimau Multi Pratama (RMPP) was renamed AAI after the conclusion of its rights issue and divestment of its coal trading and transportation business on the same day.
In the rights issue, IAA’s shareholders, namely PT Fersindo Nusaperkasa (FN) and AirAsia Investment Ltd (AAIL), acted as standby buyers of the new stocks issued by AAI.
Overall, the transactions have allowed IAA to control the majority stake in AAI, while FN and AAIL hold the remaining 42.75 percent.
AirAsia Group CEO Tony Fernandes said its move in Indonesia followed the listing of AirAsia business entities in the stock markets in Malaysia and Thailand.
“The corporate deal will bring us closer to the One AirAsia vision with which we plan to list all of our business units in ASEAN on the stock market,” said Fernandes in a press statement on Friday.
AirAsia said in August that it opted for a backdoor listing through publicly listed firm RMPP to expand its business in Indonesia. The decision was made to avoid lengthy and costly procedures that normally result in an initial public offering (IPO).