Tune Group Sdn. Bhd. ceases to be a substantial shareholder in AirAsia X Berhad

AirAsia X Berhad announced that Tune Group Sdn. Bhd. has ceased to be a substantial shareholder of the Company following the disposal of 66,829,975 ordinary shares.

Share Disposal:
Tune Group Sdn. Bhd. disposed of 66,829,975 ordinary shares in AirAsia X Berhad.

Reason:
This was part of the final stages of AirAsia’s aviation business consolidation exercise.

Regulatory Compliance:
The disposal was executed to ensure that Capital A Berhad and its concert parties (PACs) reduce their collective shareholding in AirAsia X to below 33%, thereby avoiding any take-over obligations under Malaysia’s Rules on Take-overs, Mergers, and Compulsory Acquisitions.

Alignment with Shareholder Circulars:
The move aligns with conditions set out in shareholder circulars dated 20 and 24 September 2024, relating to:
- AirAsia X’s Proposed Private Placement
- Capital A’s Proposed Distribution

Future Ownership:
Despite Tune Group’s exit as a substantial shareholder, co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun will remain substantial shareholders through their direct and indirect interests in AirAsia X.

Next Steps:
Upon completion of the consolidation, AirAsia X will acquire 100% equity interest in AirAsia Aviation Group Limited and AirAsia Berhad, strengthening its position as the long-haul arm of the AirAsia brand.

✨ In short, this is a strategic restructuring move to streamline ownership, comply with takeover rules, and prepare AirAsia X for its expanded role in the group’s aviation business.