According to two separate filings on Bursa Malaysia, the retirement fund disposed of 7.43 million shares on Jan 28 and another 492,500 shares the following day.

After the disposals, EPF continues to hold 210.4 million shares, representing a 6.29% stake in the company.

This was a couple of days before allegations that the airline received a US$50 million bribe from aircraft manufacturer Airbus was reported. AirAsia has vigorously denied the allegations.

AirAsia’s share prices have been on the downtrend since it stopped flights to Wuhan, China, the epicentre of the coronavirus outbreak on Jan 23.

But the allegations, which led to AirAsia group’s CEO Tony Fernandes and chairman Kamarudin Meranun stepping aside for two months to facilitate investigations, have resulted in the airline’s share prices falling further.

AirAsia Group’s shares fell 5% as markets opened in Kuala Lumpur, while AirAsia X shares lost 8%.

As at 10am today, AirAsia Group fell six sen or 4.69% lower at RM1.22 with 24.07 million shares changing hands, while AirAsia X dipped half a sen or 4.17% to 12 sen with 7.89 million shares transacted.