AirAsia X Berhad (KLSE:AAX) signed a letter of intent to acquire Airasia Berhad from Capital A Berhad (KLSE:CAPITALA) for MYR 3.8 billion on January 8, 2024. The consideration consists of non-convertible debt of AirAsia X Berhad having a value of MYR 3.8 billion to be issued for common equity of Airasia Berhad. As part of consideration, MYR 3.8 billion is paid towards common equity of Airasia Berhad. AirAsia X Berhad (KLSE:AAX) has signed a conditional sale and purchase agreement to acquire AirAsia Aviation Group Limited from Capital A Berhad (KLSE:CAPITALA) for on April 25, 2024. Under the terms, the proposed disposal of our Company of our 100% equity interest in AirAsia Berhad to AAX for a disposal consideration of MYR 3,800 million to be satisfied entirely via the assumption by AAX of an amount of MYR 3,800 million owing by our Company to AAB.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and definitive agreement. As of October 14, the transaction has been approved by the shareholders of Capital A Berhad. The expected completion of the transaction is January 1, 2025 to January 31, 2025. On January 24, 2025, the period for the satisfaction or fulfilment of the relevant conditions has been extended to March 24, 2025. As of March 24, 2025, AirAsia X Berhad and Capital A Berhad have mutually agreed to further extend the cut-off Date from March 25, 2025, until May 30, 2025, or such other date as mutually agreed between parties in writing. This is to allow additional time for the Capital A Berhad and AirAsia X Berhad to, amongst others, obtain the approval and/or consent of the relevant authorities, financiers/lenders and/or third parties as well as for AirAsia X Berhad to finalise the definitive terms with the identified investors in relation to AirAsia X Berhad?s Proposed Pre-Completion Private Placement Exercise. As of August 26, 2025 the Company submitted an application to Bursa Securities seeking its approval for an extension of time for the Company to complete the implementation of the Proposed AAB Acquisition. As of August 28, 2025, AirAsia X Berhad and Capital A Berhad have mutually agreed to further extend the period for the satisfaction or fulfilment of the relevant conditions precedent under the SSPAs which remain unsatisfied up to September 30, 2025. As of September 29, 2025, the transaction is expected to close by October 31, 2025.
RHB Investment Bank Berhad acted as financial advisor for Capital A Berhad. Public Investment Bank Berhad acted as financial advisor for Capital A Berhad. Public Investment Bank Berhad acted as fairness opinion provider for Capital A Berhad.
AirAsia X Berhad (KLSE:AAX) completed the acquisition of Airasia Berhad from Capital A Berhad (KLSE:CAPITALA) on January 16, 2026.
AirAsia X Berhad is a mid-range airline operating primarily in the Asia-Pacific region. The Company is principally engaged in providing long haul air transportation services. Its segments include Malaysia and Thailand. The Company provides scheduled flights, charter flights, freight services and ancillary services. In scheduled flights, the tickets bought are valid over a period of 30 - 60 days and refunds for airport tax is claimable up to six months period of travel date. The charter flights are provided upon full upfront payment before the flight. The Company also provides freight services and ancillary services, such as baggage service, assigned seats, cancellations and on-board sale of meals and merchandise. Its subsidiary, AirAsia X Services Pty Ltd is engaged in the provision of management logistical and marketing services. The Company's other subsidiaries include AAX Mauritius One Limited, AAX Leasing One Ltd, AAX Leasing Two Ltd, AAX Leasing Five Ltd and AAX Leasing Eight Ltd.
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