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Some 99.08% of AAX’s shareholders voted in favour of the resolution at its extraordinary general meeting today.
In a statement, AAX said the “pivotal” decision clears its path for the acquisition, which is expected to be completed by year end, subject to final court and regulatory approvals.
The shareholders also voted in favour of four resolutions – the proposed issuance of free warrants; the proposed private placement to raise gross proceeds of RM1 billion; the proposed share capital reduction; and the proposed granting of subscription shares.
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AAX chairman Fam Lee Ee said the unanimous approval of its shareholders for the acquisition will provide them with access to over 200 existing aircraft and 361 future aircraft order books from Capital A’s aviation portfolio.
With this enhanced fleet, Fam said, AAX can operate more efficiently, offer better service and strengthen its competitive position in key markets.
“Our focus now is on sustainable expansion and innovation, driving greater value for our guests and shareholders.
“As we move into this exciting new chapter, the enlarged aviation group is poised to capture even more growth opportunities and build a more sustainable business model for the decades ahead,” he said.
AAX CEO Benyamin Ismail said the acquisition positions them “on the brink of a transformative shift at AirAsia”, uniting medium and short-haul operations into a powerful low-cost carrier network.
News of AAX’s backing of a proposed acquisition of Capital A Bhd’s entire equity interest in the aviation business comes a day after its CEO, Tony Fernandes, said his company is poised to be in a positive equity position and is optimistic about exiting its Practice Note 17 (PN17) status by December.
Capital A fell into Bursa Malaysia’s PN17 category of financially distressed entities in January 2022.
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