AirAsia, AIMIA enter into RM103.04 mil conditional agreement to acquire BigLife

AirAsia, AIMIA enter into RM103.04 mil conditional agreement to acquire BigLife
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KUALA LUMPUR (April 14): AirAsia Group Bhd (AAGB) has entered into a conditional share sale and purchase agreement (SSPA) with AIMIA Holdings UK II Ltd to acquire the remaining 1.67 million ordinary shares in BigLife Sdn Bhd for RM103.04 million.

In a filing with Bursa Malaysia today, AAGB said AirAsia Digital Sdn Bhd, its wholly-owned subsidiary, currently owns 6.66 million ordinary shares in BigLife, representing 80% equity interest in BigLife.

The aviation company also said the purchase consideration is to be satisfied wholly via the issuance of 85.86 million new ordinary shares of the group for RM1.20 per share.

“The remaining ordinary shares represent 20% of the equity interest in BigLife not already held by AirAsia Digital.

“Upon the completion of the proposed acquisition, BigLife will become a wholly-owned subsidiary of AAGB,” it said.

BigLife is principally engaged in the business of managing customer loyalty schemes while its subsidiaries are involved in the marketing of loyalty programmes.

The statement added that the proposed acquisition is expected to further strengthen AAGB’s position to recover on a stronger footing from the Covid-19 pandemic.