AirAsia buys plane used by chairman, CEO
AIRASIA is buying for US$10 million (S$13.4 million) the private jet that has been used by its executive chairman Kamarudin Meranun and group chief executive officer Tony Fernandes since 2012.
In a statement to Bursa Malaysia on Tuesday, AirAsia said it had signed an agreement to buy the Bombardier plane from Caterhamjet Global (CJG). CJG had purchased the plane for US$24 million in 2012 and refurbished it for US$0.7 million the subsequent year.
In April last year, AirAsia signed an agreement with CJG for the use of the aircraft and maintenance support .
On the rationale for the purchase, AirAsia said CJG was planning to sell its aircraft and the loss of the plane would mean significant loss of productivity due to inefficient wait times, especially with the high volume and frequency of travel by Mr Kamarudin and Mr Fernandes.
The carrier also pointed out that private jet prices in Asia had fallen over the past two years since the slowdown in the regional economy, making the Bombardier relatively cheap to acquire at present.
ASIA NEWS NETWORK