FlashTune Air to hold 20.5% of MAS in share swap

KUALA LUMPUR: Tune will hold 20.5 of MALAYSIAN AIRLINE SYSTEM BHD [
registerQuotes("MAS", "MAS_span");
] and Khazanah Nasional Bhd will hold 10% of AIRASIA BHD [
registerQuotes("AIRASIA", "AIRASIA_span");
] under a share swap announced by the companies on Tuesday, Aug 9.

Khazanah has also proposed to acquire 10% of AirAsia X, with the value based on the latest closing price.

Tan Sri Tony Fernandes and Datuk Kamarudin Meranun have been appointed as non-independent non-executive directors of MAS effective Aug 11.

Meanwhile, Datuk Mohamed Azman Yahya was appointed as a non executive director and Rashdan Mohd Yusof as alternate director AirAsia.

The airlines also said Tengku Datuk Azmil Zahruddin had resigned as MAS managing director and would join Khazanah as director of investments effective Sept 12.

An executive committee, comprising Mohamed Azman, Rashdan, Fernandes and Kamarudin will oversee the management of MAS until a new MD us appointed.

MAS and AirAsia are to issue free warrants to each others’ shareholders.

Independent advisers will be appointed to advise minority on the proposed warrants.

Under the exercise, MAS shareholders will get one AirAsia warrant for every 30 while AirAsia shareholder gets one MAS warrant for every 10 AiraAsia held.

chandra, do u hv aa bbs ?