Kuala Lumpur: AirAsia Group Sdn Bhd (AAG) is poised to be listed on Bursa Malaysia in September, taking over the listing status of AirAsia X, Capital A chief executive Tan Sri Tony Fernandes said.
He said AirAsia Group is a combined airline under AirAsia Aviation Group Ltd (AAAGL), consisting of AirAsia subsidiaries in Thailand, Indonesia, the Philippines and soon Cambodia together with AirAsia Bhd (AAB), which handles operations in Malaysia.
“The merger is to streamline operations with the aim to be the largest low-cost carrier in Asia – using the one airline strategy – and transform the face of global low-cost travel,” he said during the signing ceremony of a conditional share sale and purchase agreement between Capital A and AAG today.
Fernandes said he believes the move will pave the way for Capital A to exit PN17 status after the divestment of its wholly-owned subsidiaries AirAsia Aviation Group and AirAsia Bhd.
“The first thing is to get the circular done for this transaction, which I hope will be done in two weeks.
“Then we have to submit it to Bursa Malaysia for approval, which I hope can be done quickly.
“After this, we have 21 days to call for an extraordinary general meeting from both companies to approve this transaction.
“Once that is done, we have to get the cost to approve it for capital reduction, then we can list,” he said.
Post-divestment, he said Capital A will retain four core businesses: Capital A Aviation Services, Teleport, Move Digital and Capital A International.
He said AirAsia Group will be optimising its profitability with an efficient fleet model, with the company upsizing its A320s and downsizing its A330s and A321 Neos.
Capital A announced to the stock exchange yesterday that it had entered into a conditional share sale and purchase agreement with AirAsia Group to dispose of its 100% equity interest in AirAsia Aviation Group and AirAsia Bhd for RM6.8 billion.
Capital A also announced a proposed distribution of new ordinary shares in AirAsia Group, to be received as consideration shares for the proposed RM2.2 billion AirAsia Aviation Group disposal to entitled shareholders.
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