309 / 396
12. Investment in subsidiaries (cont’d.)
Incorporation of subsidiaries
During the year, the Group incorporated the following subsidiaries for a total paid up ordinary share capital of RM6,210,689.
RM
AAPL
6,206,961
AACIL
480
AAC1
406
AAC2
406
AAC3
406
AAC4
406
CA1
406
CA2
406
CA3
406
CA4
406
6,210,689
Acquisition of additional interest in BIG
In prior year, on 3 February 2016, the Company entered into a Share Sale Agreement with Tune Money International Sdn Bhd for the
acquisition of up to 2,072,000 ordinary shares of RM1.00 each representing 24.9% equity interest in the issued and paid up ordinary
share capital of Think BIG Digital Sdn Bhd (“BIG”) for a cash consideration of RM101.5 million. The acquisition was completed on 29
February 2016. Subsequent to this, the Company’s equity stake in BIG has increased to 69.3% and the investment in BIG has been
reclassified from investment in associate to investment in subsidiary. This acquisition allows the Company to extract greater value
from the AirAsia BIG Loyalty Programme managed by BIG through greater strategic control over day-to-day operations as well as
to accelerate decision making that would help support the Company’s business plan and commercial objectives.
Details of the assets, liabilities and net cash outflow arising from the acquisition of additional interest in BIG are as follows:
Fair value
RM’000
Cash and bank balances
22,685
Trade and other receivables
17,159
Property, plant and equipment
6,184
Deferred revenue
(35,487)
Trade and other payables
(12,598)
Net identifiable assets acquired
(2,057)
Non-controlling interests acquired
631
Goodwill on acquisition (Note 16)
102,926
Net assets acquired
101,500
[ ]
295
AirAsia Berhad
REPORTS AND FINANCIAL STATEMENTS