AAX places out 32 million shares to raise RM50mil

PETALING JAYA: AirAsia X Bhd (AAX) is placing out 32 million new shares to AHAM Asset Management, AIIMAN Asset Management and Lavin Group for RM50mil.

In a filing with Bursa Malaysia, AAX said the proposed placement, which represents 7.78% of the total number of issued AAX shares, will allow the company to raise funds expeditiously to fund the working capital requirements of the group.

“It provides an avenue for the group to raise funds without having to incur interest costs or service principal repayments as opposed to bank borrowings or the issuance of debt securities, thereby allowing the group to preserve its cash flows for operational purposes.”