SINGAPORE, 25 May 2023: AirAsia X Berhad will enter into a proposed placement of shares with two institutional investors, one of them being a local institutional investor, potentially raising MYR50 million of new capital.
Between 2020 and 2022, AirAsia X implemented several measures to address the company’s financial concerns in the wake of the pandemic, including its debt restructuring scheme and an array of corporate restructuring and cost containment exercises.
In a media statement released Tuesday, the company said it has regularised and improved its financial condition, coupled with the scaling up of its operations since early 2022 allowing it to declare two consecutive quarters of profit for the financial periods ended 30 September 2022 and 31 December 2022.
Funds raised by the Proposed Placement will bolster short-term working capital as the company continues to recover and grow its operations.
As of May 2023, AirAsia X has 17 aircraft in its fleet, with 11 activated and operational. The airline serves 16 medium-haul destinations, including the recently launched Chengdu (Tianfu) and three short-haul routes from Kuala Lumpur to Kota Kinabalu, Bali – Denpasar and Bangkok, totalling 83 flights weekly.