The Board of Directors of AirAsia X announced that following the approval of the Air Service Licence ('ASL') by the Directorate General of Civil Aviation, Ministry Transportation of Republic of Indonesia ('DGCA'), the Company had on 23 January 2014 entered into a Joint Venture Agreement with PT Kirana Anugerah Perkasa ('PTKAP'), the shareholder of IAAX (individually referred to as 'Party' and collectively referred to as 'the Parties') to govern the relationship between the Parties. IAAX was incorporated on 22 May 2013 as a limited liability company under the laws of Republic of Indonesia with authorised capital of IDR 680,484,141,540 divided into 69,686,036 shares of IDR 9,765 each with PTKAP holding 51% and AirAsia X holding 49%. The Parties agree that the primary business activity of IAAX shall, amongst others but not limited to is the business of scheduled international air transport for passengers, cargo and post using aircraft based on certain routes and schedules with overseas cities destinations and such other activities as agreed between the Parties and permitted by the Applicable Laws and Requirements from time to time.