Capital A, however, said the decision had no impact on the group’s strategy, only a revision to the completion timeline, Bernama reported.
The shares will be allotted and issued by AirAsia X Bhd (AAX) simultaneously with the placement shares issued in the AAX private placement.
“The distribution remains subject to the completion of the private placement by AAX, as the new AAX shares must be issued before they can be distributed to entitled Capital A shareholders.
“Following the approval granted by Bursa to AAX for an extension to complete its private placement by Jan 19, 2026, Capital A’s timeline will align accordingly. Upon issuance, the new AAX shares will be allotted to Capital A shareholders as planned,” it said in a statement.
On Dec 31, Capital A said that RHB Investment Bank Bhd had applied for an extension on the company’s behalf. The original deadline was Jan 2, and the extension was requested until Jan 19.
Capital A explained that it had announced the entitlement date, which is Dec 3, 2025, on the premise that there was sufficient time for the identified investors to provide the necessary documentation.
“At the time of the announcement of the entitlement date, there was no indication suggesting that the identified investors would be unable to meet the deadlines set by AAX.
“It was reasonable to expect that the AAX private placement would be completed within the approved timeframe, that is, by Dec 31, 2025, in line with AAX’s targeted completion date,” it said.
The company also said the announcement of the entitlement date was a necessary step to enable Capital A to submit a supplemental application to the High Court for an ancillary order under Section 116 of the Companies Act 2016.
“This application relates to the reduction of the company’s issued share capital pursuant to the distribution, amounting to approximately RM2.7 billion, based on the closing market price of AAX shares of RM1.62 on the entitlement date (supplemental court order),” it said.
The quantum of the capital reduction can only be determined by reference to the closing market price of AAX shares on the entitlement date.
“As such, the application for the supplemental court order could not be made until the entitlement date has been announced. In this regard, the entitlement date was carefully planned to provide a sufficient buffer for Capital A to obtain the supplemental court order,” said Capital A.