KUALA LUMPUR: AirAsia X Bhd (AAX) has received Bursa Securities’ approval for the listing and quotation of 32.26 million new shares to be issued under its proposed placement on the Main Market.
The long-haul, low-cost airline stated that it needs to fully comply with the relevant provisions under the listing requirements for the successful execution of the proposed RM50 million fundraising.
The fundraising initiative forms an integral component of the airline’s Practice Note 17 (PN17) regularisation plan.
“AAX and AmInvestment Bank must fully comply with the relevant provisions under the listing requirements pertaining to the implementation of the proposed placement,” it said in a filing with Bursa Malaysia today.
AAX fell into PN17 status on Oct 27, 2021, after huge pandemic-related losses had resulted in the airline suffering negative shareholder equity.
The group had previously submitted an application to Bursa for a further three-month extension from April 29 until July 28 for the carrier to submit its PN17 regularisation plan, which Bursa granted.
The long-haul carrier posted a net profit of RM328 million with a revenue of RM548.8 million for the first quarter ended March 31, 2023 as revenue surged following the continued recovery in international travel.
At today’s market close, AAX’s share price was up 7.3% at RM1.91 giving it a market capitalisation of RM792.3 million.