AirAsia X Berhad (AAX) is set to convene an Extraordinary General Meeting (EGM) on October 16th, 2024, where shareholders will decide on the proposed acquisition of Capital A Berhad’s full equity stake in both AirAsia Aviation Group Limited and AirAsia Berhad’s aviation businesses. This strategic move seeks to bring short-haul and medium-haul operations under a single aviation group, aiming to enhance efficiency and expand its network to cater to the escalating global demand for affordable air travel.
The proposed acquisition represents a significant step for AAX, aiming to solidify its position in the dynamic aviation market. The consolidation of these businesses is anticipated to unlock meaningful synergies, leading to cost and operational efficiencies, a broadened market presence, and improved financial performance. Ultimately, these benefits are expected to positively impact customers, the company, AAX shareholders, and the communities served by the AirAsia group of airlines.
Dato’ Fam Lee Ee, Chairman of AirAsia X, highlighted the importance of the EGM, stating: “The EGM marks an important milestone on AirAsia X’s journey towards completing this transformative acquisition. We look forward to engaging with our shareholders as we pursue this strategic move to future-proof AirAsia for sustainable, long-term growth.”
Benyamin Ismail, CEO of AirAsia X, emphasized the strategic value of the acquisition: “Both AirAsia X and AirAsia have extensive experience in multi-hub operations across Asia, and this proposed acquisition will position us to meet the growing global demand for air travel more efficiently. The revitalisation and planned expansion of both airlines’ fleets, along with our ability to optimise operations based on demand, will not only fuel growth into new destinations but also support the launch of routes across various continents, all while maintaining our commitment to providing low-cost travel. “This EGM will be a key moment for our shareholders to help shape the future direction of AAX. The proposed acquisitions are envisioned to place the Company in a strong position to strengthen airline operations and future-proof its business, enhancing its ability to navigate the ever-evolving aviation landscape and meet the demands of a rapidly growing global travel market.”
