KUALA LUMPUR: Capital A Bhd
has disposed of 17 million ordinary shares in AirAsia X Bhd (AAX) through direct business transactions for a cash consideration of RM28.05 million.
In a filing with Bursa Malaysia, Capital A said the shares were sold at an implied price of RM1.65 each, which is the same price that AAX offered to its selected investors to subscribe for new AAX shares during its private placement exercise.
Following the disposal, Capital A’s shareholding in AAX declined from 57.07 million shares, or 12.77 per cent of the total issued shares, to 40.07 million shares, representing an 8.96 per cent equity interest.
"The consideration was determined on a willing-buyer, willing-seller basis, taking into account that AAX had previously set and announced the issue price for its private placement at RM1.65 per share.
"The transaction is also undertaken to reduce Capital A’s collective shareholdings in AAX to below 33 per cent before the completion of AAX private placement and Capital A’s distribution of part of the consideration shares to its entitled shareholders,” it said.
Capital A added that the disposal is intended to be used for the working capital requirements of its company and its subsidiaries within a period of 12 months to finance its day-to-day operations, including, among others, payment of trade and other payables, employee costs, marketing and administrative expenses. - Bernama
