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AirAsia’s Teleport to acquire RC Red Cargo

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 12 2019 :  AirAsia Group Bhd’s indirect wholly-owned subsidiary, Teleport Everywhere Pte Ltd, has proposed to acquire Indian-based RC Red Cargo Services Private Ltd for RM272,672 cash.

AirAsia said the exercise, which provides general sales agent services to Teleport, would be through the subscription of 469,000 ordinary shares in RC Red Cargo.

“The proposed acquisition of RC Red Cargo aligns with Teleport’s strategy to expand its ground presence in strategic markets across Asia,” the low-cost airline said in a filing with Bursa Malaysia yesterday.

The proposed acquisition is not expected to have material impact on AirAsia’s current financial year nor will it have any effect on the share capital and substantial shareholders’ shareholding in the company, it added. – Bernama

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