Tune Group ceases to be a substantial shareholder in AirAsia X after selling 66.83 million shares as part of a wider aviation consolidation
KUALA LUMPUR: AirAsia X Bhd has announced that Tune Group Sdn Bhd has ceased to be a substantial shareholder of the company after disposing of 66.83 million ordinary shares.
AirAsia X stated in a statement today that, as part of the final stages of AirAsia’s aviation business consolidation exercise, the aforesaid cessation is a result of the disposal of shares via a direct business transaction.
The company said this was executed pursuant to the undertaking by Capital A Bhd and its persons acting in concert (PAC) to reduce their collective shareholding in AirAsia X to below 33 per cent, in order to avoid triggering any takeover obligations under the Rules on Take-overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia.
“The disposal of shares by Tune Group aligns with the conditions set out in the circulars to shareholders dated Sept 20 and Sept 24, 2024, in relation to AirAsia X’s proposed private placement and Capital A’s proposed distribution, respectively,” said AirAsia X.
Once the proposed acquisition of 100 per cent equity interest in AirAsia Aviation Group Limited and AirAsia Bhd is completed, along with the proposed private placement and Capital A’s planned distribution, co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will remain substantial shareholders.
They will maintain their direct and indirect interests in AirAsia X.
