Capital A completes sale of aviation companies to AirAsia X

In a market filing, the company said AirAsia X acquired AirAsia Aviation Group by issuing 2.3 billion shares to Capital A, and AirAsia Bhd through a debt settlement.

The disposal of AirAsia Aviation Group and AirAsia Bhd was completed today, Capital A said in a stock exchange filing. (Bernama pic)

KUALA LUMPUR:

 AirAsia’s parent company Capital A Bhd announced today that it had completed its disposal of AirAsia Aviation Group Ltd and AirAsia Bhd as part of its broader plan to exit Practice Note 17 (PN17) status.

In a filing with Bursa Malaysia today, the company said the disposal of AirAsia Aviation Group was completed following the allotment and issuance of 2.3 billion shares of AirAsia X to Capital A and its entitled shareholders.

The disposal of AirAsia Bhd was completed on the same day through a debt settlement arrangement in which AirAsia X assumed RM3.80 billion owed by Capital A to AirAsia Bhd.

AirAsia X had also allotted and issued 606.06 million placement shares by private placement on Jan 16. All the placement shares and consideration shares would be listed and quoted on the Main Market on Monday (Jan 19), it added.

Capital A also said the reduction of the company’s issued share capital by RM2.74 billion had taken effect today.

In a separate statement, AirAsia X said the company has granted investment holding company Garynma Investments Pte Ltd the rights to subscribe for up to 403.29 million new shares, representing 12% of the total issued shares in the company.

The subscription is structured as three options which may be accepted in full or in part within 24 months from Jan 16, and exercised within 48 months.

Plans for AirAsia X’s acquisition of AirAsia Aviation Group and AirAsia Bhd were announced in April last year. - FMT