AirAsia X runs out of time to finalise “remaining corporate exercises”

October 28th 2022

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AirAsia X (AAX) has announced its previously floated plans for raising fresh capital have lapsed. Read More » The LCC had been granted an extension of time by Malaysia's Bursa Securities stock exchange to arrange a fund-raising and share issue. “Accordingly, the remaining corporate exercises will not be implemented,” AAX informed the Bursa Malaysia. The corporate exercises included a rights issue and share subscription to raise about 166 million ringgit (US$35 million). AAX said it is “in the midst of formulating a comprehensive plan to regularise its condition”. It has applied to the Bursa Malaysia for another extension, to next April 28, to submit the reorganisation plan to the market and regulators.