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KUALA LUMPUR: AirAsia Bhd has bought an additional 10% stake in inflight entertainment and communication (Ifec) systems supplier Rokki Sdn Bhd for RM2.5mil, boosting its shareholding percentage to 83%.
In a filing with Bursa Malaysia, the budget airline said the 120,000 ordinary shares were acquired from two individuals - Sami Joseph El Hadery and Clarence Lim Kee Kiat - on Wednesday. Sami retains a 17% stake (the rest of Rokki’s share capital).
Rokki (formerly Tune Box Sdn Bhd), founded in 2011 by AirAsia group chief executive officer Tan Sri Tony Fernandes, AirAsia executive chairman Datuk Kamarudin Meranun, and Sami, has two businesses: trading of multimedia content and equipment, and design, development and sale of Ifec systems and sale of data for inflight use.
On the rationale for increasing its stake in Rokki, AirAsia said it would give it greater management control, additional share of profits and strategic maneuverability.
“With a higher equity stake in Rokki, AirAsia Bhd would have more room to acquire new strategic partner(s) with equity stake in Rokki, who would be able to significantly contribute to the business, further accelerating the growth of Rokki, all while still maintaining a controlling stake in Rokki,” the airline said.
In April 2014, AirAsia Bhd has signed a seven-year agreement with Rokki’s unit Rokki Avionics Sdn Bhd (then Tune Box Avionics Sdn Bhd) worth US$33.55mil (RM143.12mil) for the sale and maintenance of Ifec solutions.
AirAsia Bhd acquired its original 73% stake in Rokki in December 2015 for RM876,000 from Caterham Technology and Innovation Ltd and Lim. It was a related party transaction as Caterham was a unit of Caterham Enterprises Ltd, which is equally owned by Fernandes and Kamarudin.
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