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KcWong26 : (Kuala Lumpur, 14th) Capitala Group (CAPITALA, 5099, main board consumer stock) announced that, in today's extraordinary general meeting of shareholders, the shareholders voted to approve the proposal to sell the group's aviation business to AirAsia X (AAX, 5238, main board consumer stock).
According to the announcement, Group CEO Tan Sri Tony Fernandes stated that with the approval for the sale, the group will establish a clearer direction for future development by delineating core aviation business from support services.
"A clear positioning can benefit not only shareholders and customers but also allow us to better define the future of travel."
He added that Capitala Group currently has four major businesses: Capital A Aviation Services (CAAS) that provides support services for AirAsia, Teleport focusing on logistics, MOVE Digital engaged in digital technology, and Brand AA company managing the "AirAsia" brand.
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"By separating aviation and non-aviation businesses, we can focus more on the development of each area. After the integration of aviation businesses, efficiency, profitability, and shareholder returns will be enhanced through synergy between short-haul and long-haul operations."
Fernandes also emphasized that with the shareholders' approval, the group will have a clearer balance sheet to complete the restructuring plan and successfully exit PN17 by the end of the year.
"The group will next apply to the court to distribute the proceeds to shareholders through a capital reduction."
Previously, Capitala Group has announced the sale of the aviation business to AirAsia by way of a share swap and debt settlement, for 6.8 billion ringgit. Upon completion of the transaction, the new AirAsia Group will replace AirAsia X's listing status.
In addition, AirAsia X will convene an extraordinary general meeting of shareholders on October 16 to consider and approve the restructuring plan.