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New AirAsia X Berhad Chief Financial Officer named
Low-cost, long-haul carrier AirAsia X Berhad recently announced Wong Mee Yen as its incoming chief financial officer. Prior to AirAsia X Berhad, Wong was chief financial officer for the MRT Project of LMG Rail Car Sdn Bhd. Wong is no stranger to the airline, having been the group financial controller of AirAsia Berhad from 2004 to 2007. Her current assignment makes her responsible for corporate finance, treasury, financial planning and analysis as well as investor relations. She will report directly to Benyamin Ismail, chief executive officer of AirAsia X Berhad. ‘We are delighted to have Mee Yen on the team. Her extensive experience in financial management, strategic planning and business strategy will help to support our current business plans, company growth targets and the successful execution of key new initiatives,’ Ismail commented on the appointment. This development was also welcomed by Datuk Kamarudin Meranun, group CEO of AirAsia X. ‘We are pleased to bring back Mee Yen to join our management team at AirAsia X Berhad as we continue to drive our strategic and financial business transformation. She was part of the core team in the early days of AirAsia and has played an instrumental role in the success of AirAsia and getting the company listed on the Bursa Stock Exchange. She has vast experience in finance and operational management, and together with her intimate knowledge of AirAsia's business model, culture and products, we are confident she will be able to help us build upon our successes so far towards becoming the undisputed global long-haul low-cost carrier leader,’ he said. Wong brings with her more than 20 years of experience in finance operations and financial control. She takes over starting 01 January 2018 from Cheok Huei Shian, who has led the airline’s finance team since February 2015. “On behalf of the management team, we would like to thank Huei Shian for her invaluable contributions towards realising the company’s transformation,” Datuk Kamarudin added.
AirAsia parent firm Capital A releases Q2-2025 financials
Capital A Berhad reported its unaudited financial results for the second quarter ended 30th June on Thursday, 28th August Considering how Q2 is normally considered a seasonally weak quarter, the Group recorded a revenue of RM4.8 billion, RM1.1 billion in EBITDA and Net Operating Profit of RM671 million. Profit After Tax (PAT) for the quarter was RM1.5 billion, a substantial turnaround from the RM543 million loss after taxes in Q2-2024, boosted by a RM0.9 billion foreign exchange gain. Highlights from Q2-2025 Aviation revenue dropped by three percent year-on-year (YoY) to RM 4.5 billion, largely due to weaker tourism and safety concerns in Thailand. Excluding Thailand, revenue would have increased by two percent YoY. Nevertheless, EBITDA was up 32 percent from a year ago to RM931 million, achieving a 21 percent margin, driven by lower fuel prices, stronger Asean currencies and ongoing cost optimisation. Likewise, PAT swung to RM884 million from a RM552 million loss in 2Q2024. Meanwhile, load factor held steady at 82 percent as capacity increased by eight percent YoY, while the number of passengers fell marginally by one percent YoY to 15.5 million due to softness in Thailand Likewise, average fare declined by four percent YoY to RM229, largely due to Thailand and the change of capacity mix to more domestic. Ancillary per passenger improved by two percent YoY to RM51, while ancillary revenue grew by three percent YoY, making up 19 percent of aviation revenue. This was driven by cargo revenue rising 49 percent on improved belly utilisation and better data personalisation Overall CASK fell eight percent YoY to USc4.50, largely driven by lower fuel prices and returning to a normal maintenance profile Overall fleet size grew by one aircraft to 226 aircraft, with 206 active aircraft. The executives weigh in Group CEO of AirAsia Aviation Group Bo Lingam remarked that the second quarter demonstrated the resilience of Capital A’s aviation business. Lingam said: “We offset slower demand in Thailand and lower fares from returning capacity with disciplined cost management and strong ancillary growth, supported by favourable fuel and forex trends. Load factor remains high as we bring capacity back online and align supply with market needs. Core short-haul demand held firm, boosted by the summer peak in North Asia, regional festivities and long weekends in Malaysia and other key markets.” He further expressed confidence that this momentum will carry into the second half, with the fourth quarter historically being the airline business’ strongest. With regard to AirAsia’s Thai market, Lingam said: “Thailand remains an important market for us, and we intend to hold our market share, especially domestically, at 40 percent through targeted capacity redeployment into domestic and to India, as well as refined pricing strategies. We are expecting Thailand to see a rebound from the fourth quarter onwards.” For his part, Capital A chief executive Tony Fernandes lauded the company for delivering strong results in what is usually their weakest quarter. Fernandes enthused: “Aviation’s back on track, and we’re close to returning to our full fleet strength. Add to that, almost all our Capital A Companies are profitable at PAT level, and we have strong earnings potential. Now that we’ve steadied the ship, it’s all about growth.” The chief executive added that the goal for the next six months is for the company to get all its aircraft back, grow its operations in the Philippines and Indonesia, and return the share of AirAsia on MOVE to 60 percent in order to grow ancillary revenue. At present, the company is currently working on a rated bond and securing local debt to restructure its COVID-era financing which dragged down its profits. Fernandes added: “On the aviation disposal, we are on the last leg of restructuring. At the moment, we’re in the process of responding to some feedback from the Thai SEC, and we hope to resolve any outstanding matters soon.”
AirAsia X announces financial results for Q2-2025
AirAsia X Berhad reported its unaudited financial results for the second quarter ended 30th June on Tuesday, 26th August. The Company recorded a turnover of RM660.8 million in the second quarter of the year, marginally lower year-on-year as capacity rose by six percent YoY to 1.12 million seats in a softer fare environment due to low season. Passenger traffic grew by six percent YoY to 935,105 passengers, maintaining a sound Passenger Load Factor (PLF) of 83 percent, unchanged YoY despite the increased capacity. According to AirAsia X CEO Benyamin Ismail: "AirAsia X delivered resilient performance this quarter with a sound PLF of 83%, in line with capacity growth despite the seasonally softer second quarter. The Group’s operations remained profitable even as one aircraft is pending reactivation and fares are softer as the market tries to boost demand taking advantage of the lower fuel price environment in 2Q25.” Ismail added that the final aircraft reactivation which was initially scheduled for June was deferred to the second half of the year due to the well-documented global MRO backlogs and spare parts shortages. Also, as of 30th June, AirAsia X’s total fleet stood at 19 A330 aircraft; of these, 18 aircraft are active and operational. Fares and revenue This quarter, average base fare declined to RM405, impacted by historical seasonality and cautious travel sentiments following the concerns on earthquakes in Japan. In managing seasonality, the Company had also augmented its load-active, yield-passive strategy, leveraging on the advantageous fuel price environment. Ancillary revenue bolstered the Company’s performance with revenue per passenger up by four percent YoY to RM257 and total ancillary revenue rising by ten percent YoY, driven by higher passenger volumes and enhanced product offerings particularly in the duty free and merchandise segments. Profit in Q2-2025 Net profit rose sharply to RM35.22 million against last year’s RM4.82 million, boosted by favourable net foreign exchange gains. In the second quarter, the Company’s net operating profit improved 26 percent YoY to RM1.38 million supported by lower fuel prices. The Company’s cost per available-seat-kilometres (ASK / CASK) fell by 13 percent YoY to 12.05 sen while CASK ex-fuel stood at 6.38 sen, up by nine percent YoY reflecting operational ramp-up and higher maintenance expenses over the last 12 months. In terms of capacity and network, the Company’s ASK grew by ten percent YoY to 4,851 millions as AirAsia X continued to observe strong PLF of beyond 85 percent from its East Asian routes in Japan, China and South Korea driven by the peak spring travel season during the quarter. Associate performance in Q2-2025 Company associate AirAsia X Thailand (TAAX) posted a revenue of RM372.82 million and an operating loss of RM13.2 million in Q2-2025. Passenger traffic during the quarter declined by 12 percent YoY to 318,257 passengers as seat capacity reduced by five percent YoY to 407,360 seats. TAAX’s PLF stood at 78 percent this quarter as performance was pressured by softened travel demand to Thailand overall following the earthquake incident in Bangkok and related security concerns. Average fare was firm at RM690 during the quarter under review, and TAAX posted a net profit of RM10.58 million, buoyed by net foreign exchange gains. TAAX maintained a fleet of nine A330s after returning one aircraft to lessor during the quarter.
AirAsia to change the game yet again with purchase order for 50 Airbus A321XLRs
AirAsia Berhad signed a landmark agreement with Airbus for the purchase of 50 A321XLRs on Saturday, 5th July. The signing in Paris between Capital A chief executive Tony Fernandes and his counterpart at Airbus Commercial Aircraft Christian Scherer was witnessed by Malaysian Prime Minister of Malaysia Anwar Ibrahim. The purchase’s total value is at US$12.25 billion and also includes rights for 20 A321XLRs, and the aircraft are scheduled for delivery between 2028 and 2032. With this agreement, the airline takes a major step towards becoming the world’s first low-cost narrow-body network carrier, anchored by its multi-hub strategy. Taking Asian aviation to the next level. Fernandes pointed out that AirAsia pioneered low-cost travel and Asia and is now set to take the sector to the next level. He said: “AirAsia is on a transformative journey to become the world’s first low-cost network carrier. This is about exponential growth, connecting geographies beyond Asean, and making flying even more democratic. We gave people in ASEAN the opportunity to explore Asia; now, we want the world to see ASEAN, and ASEAN to see the world. The A321XLR and A321LR are the game-changers enabling this vision, and we are proud to lead the charge in making our world smaller. We can’t wait to paint the skies even wider in red.” For his part, Scherer expressed pleasure over the confirmation of the agreement, as well as over becoming part of the next phase of AirAsia’s development. Scherer said: “Having resumed its growth trajectory, which we salute and support, AirAsia is creating solid fleet efficiencies, allowing global network expansion. The A321XLR unlocks new opportunities for AirAsia to launch non-stop flights linking primary and secondary cities all around the globe.” The next-generation A321XLRs will operate alongside AirAsia’s all-Airbus fleet of A320 Family and A330 aircraft, supporting its long-term strategy to deliver unmatched connectivity across Asia and beyond, whilst maintaining a low-cost model through improved route economics, enhanced aircraft utilisation and fleet efficiency. AirAsia Group aims to carry 150 million guests annually by 2030, reaching a cumulative total of 1.5 billion guests since inception. The new fleet plays a pivotal role in this transformation as AirAsia’s multi-aircraft strategy enables the airline to match capacity with demand, reduce fuel consumption, and support a sustainable, cost-effective growth model in a highly competitive global landscape. The A321XLR also offers up to 20 percent lower fuel burn per seat than the Airbus A321neo aircraft, significantly improving emissions performance and operating efficiency.
AirAsia X releases financials for Q1-2025
AirAsia X Berhad released its financial report on 28th May, detailing its progress in the three-month period that ended 31st March. AirAsia X reported a revenue of RM940.1 million in the first quarter of this year, up by three percent year-on-year from the RM908.9 million total reported for the same period in 2024. This increase was driven by a 12 percent growth in capacity to 1.29 million seats. Likewise, in line with capacity expansion, AirAsia X achieved a 12 percent YoY increase in passenger traffic in Q1-2025, carrying 1.08 million passengers. The increase in passenger traffic was driven by sustained demand across core markets and efficient capacity deployment, resulting in a robust Passenger Load Factor of 83 percent. Relevant developments for the quarter This quarter, average base fare stood at RM550, aligning with the Company’s load-active, yield-passive strategy. Ancillary revenue remained a key margin driver in Q1-2025, with ancillary revenue per passenger rising ten percent YoY to RM277. This uplift, combined with a higher passenger base, drove a 24 percent YoY increase in total ancillary revenue to RM298.3 million. The growth reflects improved takeup rates, supported by enhanced digital personalisation and targeted product offerings that successfully maximised per-passenger spend. AirAsia X also posted a net profit of RM50.2 million, representing a five percent margin even as its cost base expanded parallel to operational growth. Cost per ASK edged up marginally to 13.97, driven by slightly higher staffing with additional aircraft in operation and airport-related expenses. These were partially mitigated by a lower jet fuel price YoY and a reduction in aircraft lease expenses as most aircraft exited pay-by-hour arrangements since Q1-2024. During the first quarter, AirAsia X expanded its Available Seat Kilometres by 17 percent YoY to 5,878 million, strategically aligning capacity to capture peak demand during festive and holiday periods. Japan and Australia emerged as key outperformers within the network, with core routes delivering strong load factors between 85 and 90 percent, reflecting sustained travel demand and effective capacity optimisation in high-yield markets. Progress among associates AirAsia X Thailand (TAAX) recorded RM512.7 million in revenue and an operating profit of RM15.5 million in the first quarter. TAAX carried a total of 500,128 passengers this quarter, up 14 percent YoY as seat capacity increased by 23 percent YoY to 604,584 seats, charting a sound PLF of 83 percent during the quarter. The one-off effect of the hub transition from Suvarnabhumi to Don Mueang in October 2024 has stabilised, with the network now operating at peak performance. TAAX’s average fare held strong at RM833 per passenger this quarter. As of 31st March, AirAsia X’s total fleet now stands at 19 A330 aircraft following the induction of one additional aircraft from a third-party lessor. Of these, 17 aircraft were activated and operational, and TAAX maintained a fleet of ten A330s, supporting network recovery and growth across core markets.
Revenue for AirAsia X in Q1 2025 rises by 3% YoY to RM940.1 million
The Company reported a revenue of RM940.1 million in 1Q25, increasing by 3% year-on-year (“YoY”) from RM908.9 million in 1Q24 driven by a 12% growth in capacity to 1.29 million seats. In line with capacity expansion, AirAsia X achieved a 12% YoY increase in passenger traffic in 1Q25, carrying 1.08 million passengers. This was driven by sustained demand across core markets and efficient capacity deployment, resulting in a robust Passenger Load Factor (“PLF”) of 83%. Ancillary revenue remained a key margin driver in 1Q25 This quarter, average base fare stood at RM550, aligning with the Company’s load-active, yield-passive strategy. Ancillary revenue remained a key margin driver in 1Q25, with ancillary revenue per passenger rising 10% YoY to RM277. This uplift, combined with a higher passenger base, drove a 24% YoY increase in total ancillary revenue to RM298.3 million. The growth reflects improved takeup rates, supported by enhanced digital personalisation and targeted product offerings that successfully maximised per-passenger spend. The Company posted a net profit of RM50.2 million, representing a 5% margin even as its cost base expanded parallel to operational growth. Cost per ASK (“CASK”) edged up marginally to 13.97 sen driven by slightly higher staffing with additional aircraft in operation and airport-related expenses. These were partially mitigated by a lower jet fuel price YoY and a reduction in aircraft lease expenses as most aircraft exited pay-by-hour arrangements since 1Q24. Japan, Australia and Kazakhstan emerged as key outperformers In 1Q25, AirAsia X expanded its Available Seat Kilometres (“ASK”) by 17% YoY to 5,878 million, strategically aligning capacity to capture peak demand during festive and holiday periods. Japan and Australia emerged as key outperformers within the network, with core routes delivering strong load factors between 85% and 90%, reflecting sustained travel demand and effective capacity optimisation in high-yield markets. AirAsia X Thailand (“TAAX”), the Company’s associate, recorded RM512.7 million in revenue and an operating profit of RM15.5 million in 1Q25. TAAX carried a total of 500,128 passengers this quarter, up 14% YoY as seat capacity increased by 23% YoY to 604,584 seats, charting a sound PLF of 83% during the quarter. The one-off effect of the hub transition from Suvarnabhumi to Don Mueang in October 2024 has stabilised, with the network now operating at peak performance. TAAX’s average fare held strong at RM833 per passenger this quarter. As of 31 March 2025, AirAsia X’s total fleet increased to 19 A330 aircraft following the induction of one additional aircraft from a third-party lessor. Of these, 17 aircraft were activated and operational. TAAX maintained a fleet of 10 A330s, supporting network recovery and growth across core markets. Fly-Thru connectivity accounts for approximately 20% of passenger traffic AirAsia X CEO, Benyamin Ismail said: “This has been a stellar quarter of delivering sustained passenger load and profitability. In February, we took delivery of one additional aircraft, and today, the Company has 18 out of its 19-aircraft fleet operational. The final aircraft is on track for reactivation by mid-year, and we are focussed on ensuring full fleet deployment to meet market demand. “Our network continues to demonstrate resilience, particularly on core routes to Japan and Australia, where load factors consistently trend around the 90% mark. Building on this momentum, we are capitalising on our first-mover advantage in Central Asia by ramping up capacity to Almaty, Kazakhstan in the second half of the year, with further expansion in the pipeline. Recently, we have announced the suspension of Nairobi, Kenya. It was difficult, but crucial for us, as the initial assumption for premises of financial support did not materialise eventually. Essentially, we are driven by disciplined network management, allowing us to redeploy capacity to higher-yielding, strategically aligned markets. “A key pillar for our business is Fly-Thru connectivity, which consistently accounts for approximately 20% of our passenger traffic, anchored by high-performing routes from Korea, Japan and Kazakhstan. Establishing seamless connectivity sets us up for a massive upside , particularly as we advance towards the proposed acquisition of Capital A Berhad’s aviation business, which includes AirAsia Berhad and AirAsia Aviation Group Limited, encompassing AirAsia Thailand, AirAsia Indonesia, AirAsia Philippines and AirAsia Cambodia. The integration will unlock immense synergies and enhance our network connectivity, ultimately elevating the enlarged group’s competitive positioning in the region and beyond. “We’re pleased to report continued double-digit growth in ancillary revenue per passenger, driven by focused personalisation and improved takeup rates. This, along with our lean cost structure and operational efficiencies, positions us for a strong 2025. We are mindful of the softer travel season in the second and third quarters, but are encouraged by the forward sales momentum. We are vigilant and prudent in the face of global geopolitical uncertainties, but are confident that we are able to stay disciplined and growth-oriented in a sustainable manner.”
AirAsia expects to launch over 30 new routes in 2025, boosting regional and Fly-Thru connectivity
AirAsia Aviation Group is set to introduce more than 30 new routes as it achieves full recovery in 2025 strengthening Asean and domestic connectivity, reinforcing its position as the region’s leading low-cost airline. As the proposed acquisition of AirAsia by AirAsia X Berhad from Capital A Berhad nears completion, the consolidation of both short- and medium-haul airlines into an enlarged aviation group will further enhance the airline’s position in the industry, strengthening its network and operational synergies. As the foundations are laid for the future, in 2025, AirAsia will be focused on enhancing cost leadership, optimising network and flight frequencies, and improving operational performance across key markets including Malaysia, Thailand, Indonesia, the Philippines, and Cambodia. These efforts aim to support growth in high-demand destinations such as India, China, and throughout Asean. The network optimisation is expected to be completed by the second quarter of 2025, with frequency increases across high-demand routes beginning in the same period. In parallel, the group is evaluating new routes to meet growing intra-Asia travel demand driven by easing visa initiatives across key markets including China, India, Thailand and Malaysia, aligned with evolving travel trends. Most recently, AirAsia Malaysia announced its new route into Australia, with four weekly flights to Darwin beginning 27 June 2025, making it the first airline in the region to offer direct connectivity between Kuala Lumpur and Darwin. AirAsia Indonesia also celebrated its inaugural flight from Bali to Darwin on 22 March 2025 further strengthening the Northern Territory’s connection with Asean. Bo Lingam, Group CEO of AirAsia Aviation Group said: “In 2025, as we return to full capacity, we’ll be balancing growth with profitability. Our network strategy will prioritise strategic, demand-driven connectivity across Asia. With over 30 new routes and increased frequencies on our most popular services, we are responding directly to market demand and Fly-Thru opportunities. Our Fly-Thru traffic grew to 4.3 million in 2024, and we are targeting over seven million Fly-Thru guests this year, accounting for approximately 10% of total passengers. This growth supported by the reactivation of 16 aircraft and the delivery of 14 new aircraft in 2025 will form the backbone of our sustainable expansion plans. “Our mega hubs in Kuala Lumpur (KUL) and Bangkok-Don Mueang (DMK) will continue to anchor Fly-Thru growth, currently handling 95% of Fly-Thru traffic. At the same time, we will expand other hubs and look forward to adding over 1,700 weekly return flights and 323,336 weekly seats across the Group by the end of 2025.” This year, the airline expects to operate a fleet of 234 narrowbody aircraft across the airline’s five short-haul airlines, restoring full pre-pandemic capacity. Only 16 aircraft remain to be reactivated, while 14 new aircraft deliveries have been confirmed for 2025, four from Airbus and 10 via lessors. AirAsia’s commitment to building mega hubs and expanding Fly-Thru services supports its vision of becoming a global low-cost network carrier connecting Asean to the world and the world to Asean.
AIrAsia to consolidate domestic services at KLIA Terminal 2
AirAsia announced the relocation of its domestic services from Sultan Abdul Aziz Shah Airport (Subang Airport) to Kuala Lumpur International Airport Terminal 2 (KLIA T2), effective 7th April. The move is aimed at optimising operations amidst growing demand and enhancing the overall guest experience. With passenger volumes between Kuala Lumpur and key destinations such as Kota Kinabalu and Kuching increasing by 16 percent year-on-year, consolidating operations at KLIA T2 will allow the airline to better accommodate rising traffic. AirAsia Malaysia chief executive Fareh Mazputra said of the impending move: “Given the increasing demand for our Kota Kinabalu and Kuching routes, consolidating our services at KLIA T2 is the optimal way forward. This move allows us to enhance efficiency and elevate the overall guest experience. While Subang Airport has provided valuable proximity and easier access for city dwellers, KLIA T2’s infrastructure supports connectivity needs at scale, particularly during peak travel periods. It also offers the capacity required for continued growth as we mount more flights to serve the rising demand across East Malaysia routes.” A calculated move Since resuming operations from Subang in August last year, AirAsia has closely assessed passenger trends and operational needs. Based on findings, KLIA T2 offers the best platform to enhance efficiency and service quality. While Subang Airport has been convenient, especially for city-bound travellers, its redevelopment to support future growth will take time. In the meantime, the airline will consolidate its operations at KLIA T2 to improve efficiency and elevate the overall guest experience. Mazputra added: “To ensure a smooth transition, we will continue operating from Subang Airport through the high-demand Hari Raya week. This allows the majority of guests traveling for the holidays to benefit from its convenience before the shift. We have also put in place comprehensive Service Recovery Options (SROs), including complimentary flight changes, credit accounts, or full refunds, to minimise any inconvenience.” Likewise, positive consultation sessions with the Gateway Development Alliance (GDA) consortium ensure that the upcoming transition aligns with their broader infrastructure developments and long-term connectivity goals. KLIA T2 has been instrumental in strengthening Kuala Lumpur’s position as a leading regional megahub, and AirAsia is set to reinforce its presence there as the dominant carrier even as it enhances connectivity and service across its other key hubs in Malaysia.
AirAsia Rewards teams up with B Infinite
AirAsia rewards, the loyalty programme of Capital A, announced a new partnership with B Infinite, Malaysia's premier lifestyle rewards programme. AirAsia members can now link their B Infinite account to their AirAsia account through AirAsia Xchange on the AirAsia MOVE app to instantly convert B Points to AirAsia points and vice versa. Conversion is currently set at 3,000 B Points for every 1,000 AirAsia points, and 3,000 AirAsia points for every 1,000 B Points. This strategic partnership enables members of both programmes to enjoy greater flexibility by using their AirAsia points to pay for flights, hotel stays, duty-free shopping and more, while also benefiting from B Infinite's extensive network of merchants across multiple industries. More value This collaboration adds significant value to both programmes, giving customers more freedom to maximize their points and enjoy a wider range of rewards, both in travel and lifestyle. According to Nicole Tan, head of AirAsia Rewards: ““This new partnership with B Infinite represents a significant milestone for AirAsia Rewards, offering our members greater flexibility in utilising their AirAsia points and access to a diverse range of rewards from Berjaya Corporation Berhad's network of merchant partners and brands. It reflects our continued commitment to enriching our members' experiences, strengthening ties with local brands, and broadening the utility of our AirAsia points.” Tan added that, in the long run, this partnership will enhance the value the airline offers to its loyal customers, bringing the airline closer to its vision of establishing AirAsia points as a universal digital loyalty currency. B Infinite business head Kevin Wong added: “We are delighted to partner with AirAsia rewards to provide our members instant access to AirAsia’s broad range of travel and lifestyle benefits. Through this collaboration, B Infinite members can now earn and redeem BPoints whether they’re shopping for daily essentials or planning their next getaway. We look forward to making everyday experiences more rewarding for everyone.”
Capital A, AirAsia X extend deadline for disposal of AirAsia Aviation Group
Capital A Berhad announced that it has mutually agreed with AirAsia X Berhad (AAX) to extend the cut-off dates for the completion of the proposed disposal of AirAsia Aviation Group Limited (AAAGL) and AirAsia Berhad (AAB) to AAX. The announcement was made on Monday, 27th January. The timeline has been extended by two months, from 25 January to 24 March, allowing both parties additional time to finalise the transaction for AAAGL and AAB. Notably, all due diligence for both entities has already been successfully completed. This extension ensures that both parties have adequate time to fulfill the necessary conditions and finalise the transaction. All other terms and conditions of the SSPAs remain unchanged. Considerable progress Capital A chief executive Tony Fernandes said: “We are encouraged by the progress we’ve made, and remain committed to ensuring everything is right on track. This extension provides the time needed to finalise all aspects of the transaction with precision, including obtaining consent from the lessors, which is primarily done, and receiving the earliest date from the High Court of Malaya. Once the court approves the arrangement, we will swiftly move to complete the placement, which is already in advanced discussions.” With key milestones already achieved, including the completion of due diligence for both AirAsia Aviation Group and AirAsia Berhad, as well as the approval from shareholders of both Capital A and AirAsia X in October 2024, the parties are now in the final stage of negotiations. Fernandes added: “Upon completion, this transaction will result in a stronger, globally competitive AirAsia, leveraging synergies between short-haul and long-haul operations to improve efficiency, profitability, and shareholder returns. It will also enhance connectivity and customer experience for our guests. This move unlocks significant growth opportunities, as it aligns with Capital A’s broader strategy to lead in the digital aviation and services space. Capital A is looking forward to accelerating the growth of our technology-driven aviation services and digital ecosystem, particularly in response to the anticipated global rise in travel demand.”
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