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AirAsia Head pays a RM3.64m deal with the Securities Commission on the purchase of shares of MAS | Malaysia



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Datuk Kamarudin Meranun talks during a press conference after the official launch of the intelligence conference on the medical travel market (insigHT2018) in Kuala Lumpur on September 3, 2018. - Image by Mukhriz Hazim
Datuk Kamarudin Meranun talks during a press conference after the official launch of the intelligence conference on the medical travel market (insigHT2018) in Kuala Lumpur on September 3, 2018. – Image by Mukhriz Hazim

KUALA LUMPUR, April 12 – An agreement by AirAsia Group Bhd, Datuk Kamarudin Meranun, co-founder and CEO of AirAsia Group Bhd, paid a settlement of 3.64 million RM with the participation of 5.55 million shares of the Malaysian air system August 2011.

The Edge Today it has reported that Kamarudin has a 32.18% stake in AirAsia through its participation in Tune Live Sdn Bhd and Tune Air Sdn Bhd.

The SC said that Kamarudin had the April 2 agreement without admitting or denying the responsibility to settle a claim that the SC was proposing to institute against him to acquire the actions of the MAS.

Acquisition of shares was acquired through the account of Nor Ashikin Khamis and Malizan Mahmood while they owned external information contrary to Section 188 (2) of the Capital Markets and Services Law 2007 (CMSA).

"The settlement was achieved following letters of demand sent by the SC in accordance with its civil powers under the laws on securities," said the SC.

"The amount devoured by Datuk Kamarudin Meranun equals three times the difference between the price at which the shares were acquired and the price at which the stock would probably have been acquired at the time of acquisition, if the information was generally available," he explained.

The regulator said a director of AmanahRaya Investment Management Sdn Bhd, who is a wholly owned subsidiary of Amanah Raya Bhd, who was appointed as Abdul Radzim Abdul Rahman and a Mohamed Radzif Mohamed Shamsudin also entered into an agreement on April 9 with the SC for the sum of RM750 .000 each.

The SC said that Radzim and Radzif had acquired 3.16 million and 2.5 million MORE shares respectively.

It was reported that the recovered funds will be applied in accordance with Section 201 (7) of the CMSA.

On August 9, 2011, MAS entered a global collaboration framework with AirAsia and AirAsia X Sdn Bhd, which involved Khazanah Nasional Bhd and Tune Air Sdn Bhd.

Khazanah and Tune Air entered into a stock exchange holding agreement, which resulted in a 20.5 percent stake in the domestic company while the sovereign wealth fund earned 10 percent in AirAsia .

The agreement established the MAS as a full-service operator, while AirAsia and AirAsia X would be low-cost, low cost carriers at low cost respectively.

However, the agreement was abolished eight months after the public protest.

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