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AirAsia plans backdoor listing for Indonesia unit

$200m deal would allow the discount airline to raise additional funds

JAKARTA -- Malaysia-based low-cost carrier AirAsia is planning to engineer a backdoor listing for its Indonesian unit by taking over a locally listed company, paving the way for fundraising in the local capital market.

The deal involves AirAsia converting its perpetual securities investments in Indonesia AirAsia, worth about 2.6 trillion rupiah ($195 million), into new shares issued by Rimau Multi Putra Pratama, an Indonesia-listed trading and coal mining company.

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