08/06/2023 07:52 PM

KUALA LUMPUR, June 8 (Bernama) -- AirAsia X Bhd (AAX) has submitted an application to Bursa Securities for the listing and quotation of 32.26 million new AAX shares to be issued pursuant to the proposed placement on the Main Market of the exchange.

The 32.26 million shares in AAX represent approximately 7.78 per cent of the total number of issued shares of the company, the long-haul budget airline said in a filing with Bursa Malaysia today.

Previously, the sister company of AirAsia had announced that it planned to raise RM50 million via the corporate exercise to allow it to fund the working capital requirements of the group.

AAX also said its placement of shares was timely and strategic to raise funds primarily for use to reactivate and maintain the company’s fleet.

The placement would be the company’s first equity fundraising exercise since 2015, as AAX continues to evaluate its operational and financial performance as well as the viability of its PN17 regularisation plan.

At the close, shares of AAX rose 5.33 per cent to RM1.78 with 6.97 million shares changing hands.

For the first quarter that ended March 31, 2023, AAX’s net profit came in at RM327.99 million against an unusual profit of RM33.62 billion it booked last year over an 18-month period, due to the completion of a debt restructuring exercise.

Its revenue jumped to RM548.84 million from RM113.02 million in the same period last year as international travel bounced back.


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