Capital A chief executive officer Tan Sri Tony Fernandes
KUALA LUMPUR: Capital A Bhd
has obtained High Court approval for its share capital reduction and repayment under Section 116 of the Companies Act 2016 as part of the proposed distribution.
In a statement, Capital A stated that the exact amount of the issued share capital reduction required for the proposed distribution would be determined based on the prevailing market price of AirAsia X (AAX) shares at the time of its application to the High Court after the entitlement date.
Chief executive officer Tan Sri Tony Fernandes stated that the High Court's confirmation provided the clarity needed to proceed with the proposed distribution and other key initiatives.
“We are fully committed to ensuring a seamless transition for all stakeholders as we continue to reshape Capital A into a leaner, more focused travel and digital business.
“We appreciate the patience and support from our shareholders, partners and regulators as we work through this process,” he added.
The proposals, including the AAAGL disposal, AAB disposal, and distribution, remain subject to certain conditions under the SSPAs. The entitlement date will be announced once these conditions are met or waived.
