Wednesday, August 10, 2011

MAS soars, AirAsia dips after tie-up

KUALA LUMPUR: Shares of MALAYSIAN AIRLINE SYSTEM BHD [] and AIRASIA BHD [] were active on resuming traded on Wednesday, Aug 10 after the two airlines announced a surprise collaboration a day earlier.

At 9.10am, MAS jumped 24 sen to RM1.84 with 19.8 million shares done, while AirAsia lost 27 sen to RM3.68 with 5.48 million shares traded.

Khazanah Nasional Bhd, which owns 69.5% in MAS, will take up a 10% of shares in AirAsia while Tune Air Sdn Bhd, which owns some 23% in AirAsia will hold 20.5% shares in MAS.

Although AirAsia and MAS officials said it was too early to estimate synergy gains as a result of the partnership, it is estimated that the tie-up can potentially save both airlines as much as RM1 billion annually.


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