Capital A Bhd will hold an extraordinary general meeting (EGM) on October 14, where shareholders will vote on the proposed sale of its aviation business to AirAsia X Bhd (AAX). This move is part of the company’s strategy to streamline its aviation and non-aviation operations for long-term growth. CEO Tan Sri Tony Fernandes highlighted that the disposal will turn Capital A’s shareholders’ equity positive by RM649 million, compared to a previous deficit of RM8.8 billion.
The meeting for Redeemable Convertible Unsecured Islamic Debt Securities (RCUIDS) holders will also be held on the same day. Capital A plans to seek court approval to distribute consideration shares to shareholders after receiving EGM approval. This step is crucial for improving the company’s financial standing and exiting its Practice Note 17 status.
Fernandes explained that the disposal aligns with Capital A’s strategy to diversify its business, shifting the focus toward non-aviation sectors and positioning itself as a technology-driven company. The sale will also enhance synergies between AirAsia’s short-haul and long-haul operations, improving efficiency and profitability. He called the move a “transformative, game-changing chapter” for the company.
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