KUALA LUMPUR – AirAsia X Bhd (AAX) shareholders fully approved and supported the proposal to acquire the entire equity interest of Capital A in the aviation business within AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) for RM6.8 billion.

AAX stated in a statement today that 99.08 percent of its shareholders voted in favor of the acquisition during the extraordinary general meeting (EGM), demonstrating strong support for AAX’s vision to capitalize on new market opportunities, strengthen operational synergies, and expand its service offerings.

“This important decision paves the way for the transformative acquisition of AAX, which is expected to be completed by the end of this year as an expanded airline group, subject to final court and regulatory approvals,” he said.

In addition, shareholders also support the proposal for the issuance of free warrants, the proposal for a private placement of shares to raise gross proceeds amounting to RM1 billion, the proposal for a share capital reduction, and the proposal for a subscription share grant.

“Once completed, the new airline group will offer a comprehensive network of low-cost air travel services across short, medium, and long-haul routes, establishing Kuala Lumpur International Airport (KLIA) as a mega aviation hub and positioning ASEAN as a major global transit center,” he said in a BERNAMA report.

AAX Chairman, Datuk Fam Lee Ee, said the acquisition provides AAX access to over 200 existing aircraft and 361 future aircraft orders from Capital A’s aviation portfolio, combining narrow-body and wide-body aircraft into one group, thereby allowing it to expand its reach across long-haul, medium-haul, and short-haul segments.

On Monday, 99.97 percent of Capital A Bhd shareholders approved the proposal to sell the business worth RM6.8 billion to AAX.

On April 25, Capital A signed a non-binding letter of offer with AAX for the proposed sale of its airline business, AAB and AAAGL.

AAAGL and AAB are wholly-owned subsidiaries of Capital A.

After the sale, Capital A will focus on four strategic pillars that will drive its transformation into a technology-driven aviation services company through Capital A Aviation Services (CAPAS), MOVE Digital, Teleport (Logistics), and the AA Brand company. -MalayaDailyToday