313 / 396
13. Investment in joint ventures (cont’d.)
The joint ventures listed above are private companies for which there are no quoted market price available for their shares.
There are no contingent liabilities relating to the Group’s interest in the joint ventures.
On 24 August 2017, the Company entered into a Share Purchase Agreement (“SPA”) with CAE International Holding Ltd, (“CAE”) to
dispose the Company’s entire shareholding in AACOE comprising 82,780,000 ordinary shares which is equivalent to 50% of the
issued and outstanding shares of AACOE to CAE for a total consideration of USD100.0 million (approximately RM375.9 million). The
sale was completed on 28 December 2017 and a gain on disposal of RM167.7 million and RM294.4 million was recorded at the Group
and Company respectively.
14. Investment in associates
Group
Company
2017
RM’000
2016
RM’000
2017
RM’000
2016
RM’000
Unquoted investments, at cost
385,601
2,924,097
95
2,930,707
Less: Accumulated impairment losses
–
(163,750)
–
(1,397,029)
Share of post-acquisition profit/(loss)
188,830
(521,200)
–
–
Share of post-acquisition reserves
(25,873)
(28,560)
–
–
548,558 2,210,587
95
1,533,678
Included in the carrying amount of the investment in associates of the Group and the Company is an impairment loss of Nil (2016:
RM163,750,000 for the Group and the Company) recognised during the financial year.
During the year, investment in associates of the Company at cost of RM2,930,611,000 and accumulated impairment losses of
RM1,397,029,000 were deemed acquired as subsidiaries of the Company as disclosed in Note 12 to the financial statements.
The details of the associates are as follows:
Name of entity
Principal place
of business/
country of
incorporation
Group’s effective
equity interest
Principal
activities
2017
%
2016
%
AirAsia Philippines Inc
Philippines
39.9
39.9
Providing air transportation
services, currently dormant
Asian Contact Centres Sdn Bhd
ƒ
^
Malaysia
50.0
50.0
Providing end-to-end solutions
for customers management
and contact centre
Held by AAE
AAE Travel Pte Ltd (“AAE Travel”)+
Singapore
25.0
25.0
Online travel agency
[ ]
299
AirAsia Berhad
REPORTS AND FINANCIAL STATEMENTS