In a filing with Bursa Malaysia, Capital A said the group and AAX have mutually agreed to extend the negotiation period for the sale of the aviation subsidiaries, namely AirAsia Bhd (AAB), a wholly-owned subsidiary of the group, and its 100% equity interest in AirAsia Aviation Group Ltd (AAAGL).

“Originally set for two months, the negotiation period was initially extended to April 15, 2024,” said Capital A.

It said AAB operates the Malaysian airline business within the AirAsia group, while AAAGL operates passenger airline services through subsidiaries in Thailand, Indonesia, the Philippines and Cambodia.

On Jan 8, 2024, Capital A entered into a non-binding letter of offer with AAX for the proposed disposal of its aviation business.

As at 4pm, AAX’s share price was down by 1 sen or 0.76% at RM1.30, giving it a market capitalisation of RM581.19 million.

Meanwhile, Capital A’s share price was last traded at 70 sen, giving the group a market capitalisation of RM2.98 billion.