AirAsia buys private jet used by its chairman and group CEO

[JuliusWong 0]

KUALA LUMPUR: AirAsia Bhd is buying for US$10mil (RM40.3mil) the private jet plane that has been used by its executive chairman Datuk Kamarudin Meranun and group chief executive officer Tan Sri Tony Fernandes since 2012.

In a statement to Bursa Malaysia on Tuesday, AirAsia said it had signed an agreement to buy the Bombardier BD-700-1A10 Global Express 9M-CJG from Caterhamjet Global Ltd (CJG), a Tune Group member.

This is considered a related party transaction as Kamaruddin and Fernandes are also directors and shareholders of CJG (with 18.56% indirect stake each).

CJG’s main business is providing private jet charter as well as the maintenance support for the aircraft.

CJG had purchased the Bombardier BD-700-1A10 Global Express for US$24mil (RM96.6mil) on July 6, 2012 and refurbished it for US$0.7mil (RM2.8mil) the subsequent year.

For more: http://www.thestar.com.my/business/business-news/2016/06/21/airasia-buys-private-jet-used-by-its-chairman-and-group-ceo/