KUCHING: AirAsia X has locked in RM1.65 a share for its private placement and filled the book in full, lining up new capital just days before its AirAsia Group consolidation is due to close.
AirAsia X said the RM1 billion shares placement was fully subscribed by a broad mix of institutional and private investors.
Separately, Public Investment Bank Bhd said the share allotment for the private placement is scheduled for January 16, 2026.
The transaction is scheduled to be completed on January 19, 2026, with the new shares to be listed on Bursa Malaysia’s Main Market on the same day, as part of forming an enlarged AirAsia Group.
The deal is part of a wider restructuring tied to AirAsia X’s plan announced on April 25, 2024 to acquire AirAsia Aviation Group and AirAsia Bhd for a combined RM6.8 billion.
AirAsia X rose seven sen to RM1.79 in early trading, with 1.78 million shares traded.
Capital A Bhd chief executive officer Tan Sri Tony Fernandes said in a LinkedIn post that AirAsia X will be renamed AirAsia and listed as a newly quoted stock on January 19.
He said Capital A will submit its application to be uplifted from Practice Note 17 (PN17) status, with the final court hearing scheduled for January 21.
“AirAsia will be one airline group and one brand. We will consolidate AirAsia X and AirAsia as one airline group with global ambitions.
“With our very exciting hub in Bahrain, we will build a low-cost version in the United Arab Emirates and Qatar and cover all continents,” he said.
PublicInvest said shares for the acquisition of AirAsia Aviation Group Ltd (AAAGL) will be issued concurrently as the private placement shares.
It said the funding completion also meets the final condition for the AirAsia X share distribution.
PublicInvest said AirAsia X expects its fourth and first quarters to be supported by the peak holiday season, with forward bookings in its core markets described as encouraging.
It said the carrier plans to add additional weekly frequencies on selected routes to Australia and East Asia.
“The group maintains a fleet size of 19 A330 aircraft, 18 of which are currently operational. The reactivation of the final aircraft has been delayed due to global maintenance, repair, and overhaul backlogs,” the firm said.
PublicInvest also noted that the proposed merger of Capital A Bhd’s aviation business into AirAsia X is nearing completion.
Once concluded, it added, the consolidation is expected to create a larger and more streamlined aviation group, delivering greater scale and operational synergies.
It also maintained its Outperform call and an ex-all target price of RM2.15, adjusted for the private placement and acquisition of AAAGL, based on 7x its estimated merged entity’s FY26F EPS.
