KUALA LUMPUR (Dec 30): AirAsia X Bhd is selling its Airbus DPE Kits to a related party, Asian Aviation Centre of Excellence Sdn. Bhd (AACE), for a price of US$2.38 million (about RM10.22 million).

In a filing with Bursa Malaysia, AirAsia X said the Company and AACE has on Dec 30 entered into the sale agreement, to sale, assign and transfer the Airbus DPE Kits.

The purchase price was arrived pursuant to the market value comprising of the data package, simulation software package and kit of genuine aircraft parts to be installed in the aircraft simulation training device.

“The purchase price for the DPE Kits and aircraft manufacturer’s license is US$ 2.38 milliion exclusive of taxes and AACE will bear such taxes and duties as applicable，” it said.

AACE is a Malaysian company that in the business of Operating an Aviation Academy for the Provision of Pilot Training, Maintenance Training, Cabin Crew Training, Training for Management Services and Guest Services and is jointly owned by CAE International Holdings Ltd (CAE) and AirAsia Bhd.

Thus, AACE is deemed to be a related party to AirAsia X as AirAsia’s directors and major shareholders, Datuk Kamarudin Bin Meranun and Tan Sri Dr. Anthony Francis Fernandes, are also the directors and major shareholders in AirAsia X.

The sale of DPE Kits include the title to and all interest in the aircraft parts. The DPE Kits will be royalty free and will include non-exclusive license for usage free from all encumbrances, for the manufacture, installation, qualification, development, operation, maintenance, upgrade and update which shall include the provision of training services to all AACE’s customers.

The agreement will not have material financial impact in AirAsia X’s current financial year.

AirAsia X was unchanged at 18 sen at noon, for a market capitalisation of RM746.7 million.