KUALA LUMPUR (Sept 19): AirAsia Bhd has set up a subsidiary in Singapore, which will enable it to provide airlines operation services and aviation related management services in the country. According to its bourse filing today, the low-cost airline said it has incorporated AirAsia Pte Ltd (APL) as a wholly-owned subsidiary in Singapore via its unit AirAsia Investment Ltd last Friday (Sept 16). In the course of its business operations, the company will also act as a management services company dealing with relevant authorities and service providers in Singapore," it added. APL has an issued share capital of S$1 million (about RM3 million), comprising 1 million shares of S$1 each. Shares in AirAsia closed down five sen or 1.74% at RM2.83, giving it a market capitalisation of RM7.87 billion.

Source: The Edge Markets September 19, 2016 11:26 UTC