Yunji Investment and AirAsia long-haul flights advance restructuring plan

According to the press release, the Malaysian Stock Exchange and the Securities Commission have approved the holding of a special shareholder meeting to sell the aviation business to Asia Aviation. At that time, shareholders will vote on this proposal. If approved, the proposal will be submitted to the court for approval and distribution of profits to shareholders through capital reduction.

Asia Aviation previously announced that it will acquire Asia Aviation from Yibitou Group (CAPITALA, 5099, main board consumer stocks) for a total of 6.8 billion ringgit through stock transfer and debt settlement. It will then be replaced by the newly established AirAsia Group as a listed entity.

This internal restructuring will also allow Yibitou to get rid of the PN17 dilemma.

Tan Sri Tony Fernandes, the Group CEO of AirAsia, said in a statement that this trade is part of the long-term global strategy to unlock value for shareholders.

At the close of trading, AirAsia Group reported 77.5 cents, down 1.5 cents or 1.9%, with a trading volume of 2.63 million shares.

AirAsia Long-Haul reported 1.5 ringgit, up by 5 cents or 3.45%, with a trading volume of 2.93 million shares.