AirAsia X Bhd has announced that Tune Group Sdn Bhd is no longer a substantial shareholder after disposing of 66.83 million ordinary shares, the company said in a statement.
AirAsia X said that as part of the final stages of AirAsia’s aviation business consolidation exercise, the cessation is a result of the disposal of shares via a direct business transaction.
The move is part of the final stages of AirAsia’s aviation business consolidation exercise and was executed via a direct business transaction, the company noted. The disposal aligns with Capital A Bhd and its concerted parties’ plan to reduce their collective shareholding in AirAsia X to below 33%, thereby avoiding any mandatory takeover obligations under the Rules on Takeovers, Mergers and Compulsory Acquisitions issued by the Securities Commission Malaysia.
“The disposal of shares by Tune Group is in line with the conditions set out in the circulars to shareholders dated Sept 20 and Sept 24, 2024, relating to AirAsia X’s proposed private placement and Capital A’s proposed distribution, respectively,” AirAsia X said.
Following the transaction, co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will remain as substantial shareholders, retaining their direct and indirect interests in AirAsia X. This is part of a broader restructuring plan that includes the proposed acquisition of 100% equity interest in AirAsia Aviation Group Ltd and AirAsia Bhd, as well as the planned private placement and distribution by Capital A.
AirAsia X said the share disposal reflects its ongoing efforts to streamline shareholding structure, enhance corporate governance, and facilitate strategic consolidation within the AirAsia group. The move is expected to strengthen the company’s operational flexibility and support its future growth initiatives within the aviation sector.
