We refer to the previous announcement dated 30 October 2017 (Reference No. GA1-30102017-00069) in relation to the proposed joint venture with SATS on a ground handling partnership.

The Board of Directors (“Board”) of AirAsia is pleased to announce that the share swap agreement between Ground Team Red Holdings Sdn Bhd (“GTRH”) and SATS is completed on 4 January 2018 wherein GTRH acquired 80% equity stake in SATS Ground Services Singapore Pte. Ltd. in exchange for an 11.4% equity stake in GTRH.

Further to the above, the Board also wishes to announce  the commencement of the transaction for the Company to sell and transfer 38.6% of its equity stake in GTRH to SATS for a consideration of Singapore Dollars One Hundred and Nineteen Million and Three Hundred Thousand only (SGD119,300,000) in accordance with the terms and conditions set out in the share sale agreement between the Company and SATS, and that the register of members of GTRH is expected to be updated in respect of the 38.6% equity stake in GTRH in due course. The Board will provide an update once the abovementioned transaction is completed.  

This announcement is dated 4 January 2018.