By PRIYA VASU/ pic by BLOOMBERG
AIRASIA X Bhd (AAX) has revised its corporate exercise to reduce its issued share capital by 99.9% from 90% proposed earlier.
In a statement yesterday, the cash-strapped carrier stated that this comprised a reduction of the issued share capital of RM1.53 billion to RM1.53 million.
The credit arising from the proposed share capital reduction will be used to offset part of the accumulated losses. The proposed share consolidation which shall be undertaken following the proposed share capital reduction shall remain unchanged, ie a consolidation of every 10 existing AAX shares into 1 AAX share, said AAX.
It added that shareholders funds after the capital reduction remains negative, but the consolidation of sh…
Read the full article at: https://themalaysianreserve.com/2020/12/15/airasia-x-revises-corporate-restructuring-plan/