KUALA LUMPUR: Capital A Bhd
did not receive approval from Bursa Malaysia Securities Bhd for an extension of time to complete its proposed share distribution, but the distribution will still be implemented concurrently with the AirAsia X Bhd (AAX) private placement.
The company said in a Bursa Malaysia filing that as announced on Dec 31, 2025, the distribution shares are intended to be allotted and issued by AAX concurrently with the placement shares to be issued pursuant to the AAX private placement.
"The board intends to allot and issue the distribution shares soonest when they are allotted and issued concurrently with the AAX private placement,” it said.
For the avoidance of doubt, it said Capital A had proceeded to announce the entitlement date on the premise that there was sufficient time for the identified investors to provide the necessary documentation.
It said 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, and it was reasonable to expect that the AAX private placement would be completed within the approved timeframe, by Dec 31, 2025, in line with AAX’s target completion date.
"In addition, the announcement of the entitlement date was a necessary step to allow Capital A to submit a supplemental application to the High Court for an ancillary order pursuant to 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,” it said. - Bernama
