AirAsia Group Sdn Bhd (AAG) will be listed on Bursa Malaysia in September, taking over the listing status of AirAsia X Bhd, said Capital A Bhd Chief Executive Officer Tan Sri Tony Fernandes.
He said AAG is a combined airline under AirAsia Aviation Group Ltd (AAAGL), consisting of AirAsia subsidiaries in Thailand, Indonesia, the Philippines, and soon in Cambodia, together with AirAsia Bhd (AAB) which handles operations in Malaysia.
"The merger is to coordinate operations with the aim of becoming the largest low-cost airline in Asia with the 'One Airline' strategy to change the face of global low-cost travel," he said during the signing ceremony of the conditional share sale and purchase agreement between Capital A and AAG, today this.
Fernandes said he believed the move would pave the way for Capital A to exit PN17 status following the divestment of its wholly-owned subsidiaries - AAAGL and AAB.
"So the first thing is to prepare the circular for this deal which I hope can be done within two weeks. Then we need to submit it to Bursa Malaysia to get approval which I hope can be done immediately.
"After that we have 21 days to call an extraordinary general meeting from both companies to approve this deal. So when it is completed later, we need to get the cost to approve it for capital reduction, then only then can we be listed," he said.
After the sale, he said, Capital A will retain its four core businesses including Capital A Aviation Services, Teleport, MOVE Digital and Capital A International.
Fernandes said AirAsia Group will optimize their profitability with efficient aircraft models, with the company adding A320s and reducing A330s to the A321 Neo.
Yesterday, Capital A announced to the stock exchange that it had entered into a conditional share purchase agreement with AAG to dispose of 100 percent of its equity interests in AAAGL and AAB at a price of RM6.8 billion.
Capital A also announced the proposed distribution of new ordinary shares in AAG to be accepted as consideration shares for the proposed disposal of AAAGL of RM2.20 billion to eligible shareholders of the group
