KUALA LUMPUR (Jan 6): Tune Group Sdn Bhd, an investment vehicle of Tan Sri Tony Fernandes and Datuk Kamarudin Meranun, has sold down its stake in AirAsia X Bhd (KL:AAX).
The low-cost airline said in a bourse filing on Tuesday that Tune Group sold 66.8 million shares, or a nearly 15% stake, in three blocks to Nuodingyan Travel Service Sdn Bhd at RM1.80 per share through a direct business transaction.
In a separate statement, AirAsia X said the disposal is part of the final stages of AirAsia’s aviation business consolidation exercise.
Tune Group remains the largest shareholder of AirAsia X indirectly through Capital A Bhd (KL:CAPITALA). Capital A and Tune Group together hold 14.4% of AirAsia X. Tony also holds a 2.5% direct stake while Kamarudin holds 8.7%.
Nuodingyan, a Kota Kinabalu-based travel agency, is wholly owned by Sophia Lee Suk Fei. Following the stake acquisition, Lee emerged as the third substantial shareholder in AirAsia X through her deemed interest in Nuodingyan.
The transaction was executed under a pledge by Capital A and its connected persons to reduce their shareholdings in AirAsia X to below 33% to avoid triggering mandatory takeover obligations.
AirAsia X said the share sale is procedural in nature and is in line with conditions outlined in its proposed private placement and Capital A’s proposed distribution.
The plan, first unveiled in April 2024, involves the acquisition of AirAsia Aviation Group Ltd and AirAsia Bhd for RM6.8 billion by AirAsia X.
The move is part of a restructuring aimed at consolidating all short- and medium-haul AirAsia carriers under a single listed entity, allowing Capital A to exit Practice Note 17 status.
The plan also calls for AirAsia X to raise RM1 billion via a private placement to fund the enlarged airline operations.