PETALING JAYA: AirAsia X Bhd announced today that Tune Group Sdn Bhd has ceased to be a substantial shareholder of the company following the disposal of 66,829,975 ordinary shares.
As part of the final stages of AirAsia’s aviation business consolidation exercise, AirAsia X said in a statement, the cessation is a result of a disposal of shares via a direct business transaction and was executed pursuant to the undertaking by Capital A Bhd and its persons acting in concert to reduce their collective shareholding in AirAsia X to below 33% in order not to trigger any takeover obligations in the Rules on Take-overs, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia.
A matter of process, it added, this disposal of shares by Tune Group aligns with the conditions set out in the circulars to shareholders dated Sept 24, 2024 and Sept 20, 2024, in relation to AirAsia X’s proposed private placement and Capital A’s proposed distribution respectively.
Upon completion of the proposeda acquisition by AirAsia X of 100% equity interest in AirAsia Aviation Group Ltd and AirAsia Bhd as well as the proposed private placement and Capital A’s proposed distribution, the co-founders, Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will continue to be substantial shareholders via their direct and indirect interests in AirAsia X.
