The airlilne said the report was factually incorrect and misleading.

It denied that it was having talks with AirAsia or any other parties regarding the acquisition of the company or any part of its businesses.

“We wish to assure all our stakeholders that Raya Airways’ operational and financial position is growing in strength,” it said in a statement today.

The company said it is committed to continuing and further strengthening its operations and opportunities to take it to its next stage of growth.