CEO Morning Brief

AirAsia X Rally Hits Speed Bump as April 28 Deadline for Regularisation Plan Looms

Publish date: Wed, 22 Mar 2023, 08:42 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (March 21): AirAsia X Bhd (AAX) shares lost ground for the second day running on Tuesday (March 21), after hitting a one-year high of RM1.68 last Friday, which prompted an unusual market activity (UMA) query from Bursa Malaysia.

AAX closed the day 13 sen or 8.78% lower at RM1.35 — after falling to an intraday low of RM1.30 — giving the company a market capitalisation of RM560 million.

The counter saw 28.27 million shares change hands.

Meanwhile, Capital A Bhd dipped 2.5 sen or 3.13% to 77.5 sen, with 33.87 million shares transacted, valuing the group at RM3.23 billion.

Last Friday, Bursa issued a UMA query to AAX, after a sharp rise in its share price and trading volume recently.

The stock jumped 27 sen or 19.15% to close at RM1.68 that day.

In response to the query, AAX said that except for the ongoing development of its proposed regularisation plan to holistically restructure its business and financial condition, it was not aware of any other corporate development, rumour or report which may account for the UMA.

Capital A and AAX are working on their respective regularisation plans, which entail the potential disposal of Capital A's aviation assets to AAX.

The deadline falls on April 28 for AAX to submit its regularisation plan to Bursa, followed by July 7 for Capital A.

Source: TheEdge - 22 Mar 2023

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