Yang Berhormat Wee Choo Keong
Perhaps on 8-8-2011, when Khazanah Nasional Bhd thump printed its intention to purchase 10% of AirAsia X Sdn Bhd, as part of its attempt to save MAS from imminent collapsed, and commissioned Morgan Stanley Investment Bank to do a valuation of AirAsia X Sdn Bhd, it was totally ignorant of the corporate structure of AirAsia X Sdn Bhd that:
a. 31.7 % of its shares are foreign owned; and
b. sustained a loss of RM89, 835, 000-00 as recorded with the authority and etc.
I hope that Khazanah will read this posting so that it will understand the simple corporate structure of AirAsia X Sdn Bhd before it thump printed more formal documents in order to save MAS!
AirAsia X Sn Bhd’s original name was Fly Asian Express Sdn Bhd. It was incorporated on 19-05-2006. Co-incidentally its name was changed to AirAsia X Sdn Bhd on 21-09-2007.
Digressing a little before going into the details of the corporate structure of AirAsia X Sdn Bhd. It was also around this material period that the Ministry of Transport (MOT) granted several international routes (like London, Paris, several cities in China, India and etc) to AirAsia X Sdn Bhd. This was how the MOT blindly protected MAS, our national carrier, by encouraging AirAsia X Sdn Bhd, a private company, to compete with MAS on profitable routes like London and others where MAS has expanded huge sum of money to promote. AirAsia X just jumped on the band wagon and now it appeared to form an integral part of the scheme to save MAS!
MOT must take note that several international routes have not been utilised by AirAsia X Sdn Bhd and therefore, should be withdrawn forthwith.
The particulars of AirAsia X Sdn Bhd’s corporate structure are as below:
Airasia X Sdn BhdDate of Incorporation : 19-05-2006
Old Name : Fly Asian Express Sdn Bhd
Date of Change of name : 21-09-2007
Nature of Business : Long Haul, Low Cost Air Services and related services
Shares Capital : Total Authorized – RM320,000,000-00
Total Issued – RM266,666,668-00
Directors/Officers:
i) Lim Kian Onn
ii) Asher Noor (Saudi Arabian)
iii) Keith Texas Roberts (Australian)
iv) Hideyuki Yamanaka (Japanese)
v) Dato’ Seri Rafidah binti Aziz
vi) Dato’ Kalimullah bin Masheerul Hassan
vii) Fam Lee Ee
viii) Dato’ Kamarudin bin Meranun
ix) Dato’ Sri Anthony Francis Fernandes
x) Shan-E-Abbas Ashary (Saudi Arabian)
xi) David Andrew Baxby (Swedish)
xii) Hideo Ichida (Japanese)
xiii) Azran bin Osman Rani (Manager)
xiv) Jamindar Kaur a/p Sarban Singh (Secretary)
Shareholders :
i) Manara Malaysia I Limited – 29,020,267
ii) Orix Airline Holding Limited – 29,020,267
iii) AirAsia Berhad - 42,666,667
iv) Corvina Holdings Limited - 26,666,667
v) Aero Ventures Sdn Bhd - 139,292,800
34.7% of its shares are foreign owned.
(Aero Venture’s shareholders: Dato’ Kalimullah Bin Masheerul Hassan 14, 835, 900, Dato’ Kamarudin Bin Meranun 65, 375, 587, Robert Milton 1, 507, 069 , Lim Kian Onn 13, 720, 666 , Tan Sri Anthony Francis Fernades 33, 855, 194 , Tune Long Haul Sdn Bhd (RM2 paid up capital – Tan Sri Anthony Francis Fernandes and Dato’ Kamarudin Meranun holding RM1 each) 10, 000, 125.)Company Charges :
Originally there were 21 charges of which 5 have been satisfied. As at 17-08-2011, there are a total of 16 UNSATISFIED charges. Two from Amanahraya Trustees Bhd (both dated 20-10-2010), three from CIMB Bank (L) Ltd (dated 28-04-2011) and the remaining eleven (11) from Barclays Bank PLC (6), Citibank N.A., London (2) and Sky High I Leasing Co Ltd (3).
Financial Information:
Financial year end : 31-12-2009
Date of tabling : 30-06-2010
Balance Sheet Items
Non-current assets : 1,661,934,000-00
Current assets : 579,129,000-00
Non-Current liabilities : 1,171,211,000-00
Current liabilities : 676,723,000-00
Share capital : 166,667,000-00
Reserves : 226,462,000-00
Income Statement items
Revenue : 720,419,000-00
Loss before tax : - 63,072,000-00
Loss after tax : -89,835,000-00
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