AirAsia Undertakes Backdoor Listing through CMPP
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AirAsia Undertakes Backdoor Listing through CMPP

AirAsia Bhd will record its subsidiary, Indonesia AirAsia (IAA) in Indonesia Stock
Exchanges (IDX) through Rimau Multi Putra Pratama Tbk (CMPP) acquisition. This will
be carried out by transferring 57.25 percent shares of IAA to CMPP through debt and
share swap.

In the information disclosure at Bursa Malaysia, AirAsia said it will acquire CMPP
and make it as their holding company. This will be completed in the fourth quarter
of 2017. Backdoor listing allows IAA to raise funds from the capital market through
rights issue and private placement.

AirAsia has several agreements to convert its investment in IAA into new shares in
CMPP. The agreement is a conditional sale and purchase agreement between AirAsia,
AirAsia Investment Ltd (AAIL) and Fersindo Nusaperkasa (FNP) and an agreement to
become a standby buyer among the three companies.

Under the agreement, CMPP will issue 13.65 billion new shares with a nominal value
of IDR 250 per share. Each holder of 377 old shares of CMPP is entitled to redeem
23,818 new shares. FNP and AAIL will become standby buyers of 10.4 billion shares.
This transaction is a non-cash transaction by transferring IAA shares. Therefore,
FNP and AAIL will own 97.96 percent of CMPP.

After the issuance of new shares, CMPP will have perpetual securities which can be
converted into 241,067 new shares of IAA or equivalent to 57.25 percent. CMPP will
change its business line from coal sales and shipping services to flight services
business post this corporate action. (*)

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