Tuesday 28 May 2024
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KUALA LUMPUR (Oct 6): AirAsia X Bhd (AAX) has redesignated its director Datuk Lim Kian Onn as deputy chairman to lead the airline's restructuring.

Lim, 63, a board member of AAX since 2012, will assume the deputy chairman's post with effect from tomorrow, according to a filing with Bursa Malaysia.

AAX, in a separate announcement today, proposed a debt restructuring to cut its massive debt from RM63.5 billion to RM200 million and undertake share capital reduction to eliminate 90% of its accumulated losses. It also plans to consolidate its shares on the basis of 10 existing shares into one consolidated share.

Lim founded the Libra Capital Group in 1994 and co-founded the ECM Libra Group in 2002.

He was the managing director of ECM Libra Group Bhd (formerly known as ECM Libra Financial Group Bhd) from July 2015 and was subsequently redesignated as non-executive director in June 2020.

He also serves as the non-executive non-independent chairman of Plato Capital Ltd, a company listed on the Stock Exchange of Singapore, and a trustee of the ECM Libra Foundation.

Lim is a chartered accountant and investment banker. Between 1984 and 1993, he was with Hong Leong Group Malaysia as an executive director in the stockbroking arm responsible for corporate finance, research and institutional sales.

AAX's share price closed down 0.5 sen or 9.09% at five sen, valuing the group at RM207.41 million. Some 1.68 million shares were traded. Year-to-date, the counter has come down by 71% from 17 sen on Jan 2.

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Edited ByS Kanagaraju
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