Ganesh Sahathevan

Air Asia Sukuk Ijarah of RM500 mil (Joint Arranger & Primary Subscriber ) http://www.bankislam.com.my/bimb_pdf/84743MediaBriefingFYEJune2008.pdf ARAS SEJAGAT/AIRASIA Issuance: May 5 PRICED: MYR420M Size: MYR420M Tenor: 5 Yr Type: Ijarah Leads: Bank Islam Malaysia, Kuwait Finance House Readers should note that Bank Islam was the Primary Subscriber to the loan.How much of that loan Bank Islam has been able to off-load, given the problems in the credit market, remains unclear. It is likely that Bank Islam continues to be holder of a substantial amount of that loan.

According to Wee Choo Keong MP: Wee Choo Keong [Wangsa Maju] challenged the Minister of Transport and stated that AirAsia actually owed MAB more than RM80 million, Petronas for fuel RM20 million and the Government for RM35 million for the repairs of 7 aeroplanes, which MAS took over from AirAsia when AirAsia gave up Rural Air Services (RAS). What actions will the Minister of Transport take pertaining to the said debts? The Minister of Transport replied that MP for Wangsa Maju got the figures wrong. The Minister of Transport has confirmed in Parliament this evening that from 2002 until 31 March 2008 AirAsia owed about RM110 million to MAB for all services at all airports. The Minister went further to state that AirAsia is disputing its debt of RM110 million to MAB and this matter has been sent to the Ministry of Finance to resolve. (http://weechookeong.wordpress.com/2008/05/20/minister-of-transport-confirms-in-parliament-airasia-owes-mab-rm110-million/) According to Tony Fernandes: We o

AirAsia's financial results for the quarter ended 30 September 2008 included disclosure that net cash flow from operating activities was -RM 202,198,000. According to Tony Fernandes AirAsia has been cashflow positive from the day he took control. AirAsia reported a loss after tax of RM466 million, but this did not include, as it should have, losses from its associates that ought to have been equity accounted. For the quarter ended 30 September 2008, AirAsia's share of losses from its 2 associates, Thai AirAsia and Indonesia AirAsia totalled RM 165.3 million. Therefore AirAsia's pre-tax loss should have read RM 669.62800 million NOT RM 504.328 million. The deferred tax asset has grown from RM 479.705 million to RM 627.971 million. This item has been booked as a current asset. Only in some fantasy can this item be regarded as an asset that can be liquidated quickly to meet current debt and obligations. It is worth noting that this item comprises 9.06% of current assets. If