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12. Investment in subsidiaries (cont’d.)
The details of the subsidiaries are as follows: (cont’d.)
Name of entity
Country of
incorporation
Group’s effective
equity interest
Principal activities
2017
%
2016
%
Clifden Aviation 3 Limited (“CA3”)
Ireland
100
–
Dormant
Clifden Aviation 4 Limited (“CA4”)
Ireland
100
–
Dormant
Held by BigPay
Tune Money Capital Sdn Bhd
Malaysia
100
100
Dormant
Tune Money Co Ltd
ƒ
Thailand
49
49
Marketing arm of BIG
PT Tune Money
ƒ
Indonesia
100
100
Marketing arm of BIG
Held by Rokki
Rokki Avionics Sdn Bhd
Malaysia
100
100
Trading of multimedia content and
equipment
Held by BIG
Think Big Digital Singapore Pte Ltd
ƒ
Singapore
100
100
Marketing and development of
loyalty program
+
Audited by a member of Ernst & Young Global.
ƒ
Audited by a firm other than Ernst & Young.
^ Listed on the Indonesia Stock Exchange.
*
In prior years, the Board determined that the Company only had significant influence over these investees, through the
respective Brand License Agreements (“BLA”), did not have power over these investees, and had therefore accounted for
these investees as associates. This determination is based on the substantive rights granted by the respective Shareholders’
Agreements entered between the Company and the other shareholders of these investees. In the first quarter of 2017, the
Company entered into a Supplementary BLA with each of these investees.
Effective from 1 January 2017, the effective date specified in the Supplementary BLAs, the respective investees have undertaken
to comply at all times with the recommendations made by the Company under the BLAs. Pursuant to this, in accordance to
MFRS 10, these investees are deemed as subsidiaries for accounting consolidation purpose and accordingly, these investees
are deemed as subsidiaries of the Company.
[ ]
287
AirAsia Berhad
REPORTS AND FINANCIAL STATEMENTS