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KUALA LUMPUR: AirAsia Group Bhd has reiterated that the transaction by which it secured the total credit lines of 300 million ringgit from Sabah Development Bank (SDB) was completed in accordance with all applicable laws, policies and procedures.
In a filing with Bursa Malaysia today, the low-cost carrier also said the transaction took five months to complete from the time of the request.
The facilities have been approved by SDB for the development of the various projects and are intended to generate significant positive socio-economic impacts in the state of Sabah, he said.
“With the facilities, AirAsia’s contribution (currently almost one percent to the state’s Gross Domestic Product) is expected to double in the next 10 years and help Sabah regain its position as a top tourist destination after from Covid-19, “AirAsia said. .
The company said the transaction would, among other things, allow AirAsia to accelerate its expansion plans to transform Kota Kinabalu into an international hub for its passenger and logistics operations.
AirAsia said it had been providing national and international connectivity to Sabah since 2001, transporting 660,000 visitors to the state and supporting nearly 60,000 jobs in the state.
The facilities, he said, would also be used to develop and upgrade cold chain facilities in Sabah that would increase the marketability of the state’s fresh produce domestically and internationally through AirAsia’s Ourfarm digital food supply platform.
“This could result in increased profits for farmers and fishermen in the state, which is in line with Sabah’s mission to become one of the top food producing states in Malaysia and contribute to the country’s food security. “said the airline.
The AirAsia statement follows several news articles about the Malaysian Anti-Corruption Commission investigating the 300 million ringgit loan facilities granted by the Sabah state bank to the airline.
At today’s close, AirAsia shares fell 0.9 percent to 55 sen. -Called
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