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AirAsia X receives court order granting share consolidation
January 26th 2022
AirAsia X (AAX) said in a regulatory filing to the Bursa Malaysia the High Court of Malaysia has granted an order to confirm the company's planned share capital reduction. Read More » Under the plan, approved by shareholders in June 2021, AAX will reduce its share capital by 99.9%, from 1.532 billion ringgit (US$365 million) to 1.53 million ringgit. The proposed corporate restructuring also includes consolidating every 10 AAX ordinary shares into one AAX share. The LCC group also has proposed raising gross proceeds of 500 million ringgit and consolidating its debts to a sum of not more than 200 million ringgit, representing a fraction of the company's 64 billion ringgit debt. The effective date of the share capital reduction would be announced "in due course", AAX said.
