Capital A shareholders to receive AAX shares as restructuring enters final chapter
KUALA LUMPUR, 20 November 2025 – Capital A Berhad ("Capital A" or the "Company") today announced a key step in its strategic restructuring plan, confirming the Entitlement Date for the distribution of new ordinary shares in AirAsia X Berhad ("AAX") to its eligible shareholders. This move is part of the final procedures for the disposal of its airline business to AAX, consolidating all AirAsia brand airlines under a single entity and paving the way for Capital A’s transformation into a multi-platform travel and digital group.
The distribution will be effected by way of a dividend-in-specie, through a reduction and repayment of the Company’s issued share capital.
Key Details of the Share Distribution (Dividend-in-Specie):
Entitlement Date: Wednesday, 3 December 2025, at 5:00 PM.
Ex-Date: Tuesday, 2 December 2025.
Shares to be Distributed: 1,692,307,692 new ordinary shares in AAX.
Distribution Ratio (Estimated): Approximately 389 AAX shares for every 1,000 Capital A shares held by Entitled Shareholders.
Important Note: Capital A shareholders whose names appear in the Record of Depositors as at 5:00 p.m. on the Entitlement Date will be entitled to receive the Distribution Shares, and they will not be required to pay for their entitlements.
The actual number of shares to be received will be calculated based on a formula relating to the number of Capital A shares held on the Entitlement Date. Fractional entitlements to the Distribution Shares will be disregarded.
Closing Out the Final Chapter of Restructuring
This corporate exercise signifies a significant milestone in Capital A’s comprehensive regularisation plan, which also includes a proposed capital reduction to set off accumulated losses. The overall restructuring is targeted for completion by December, after which Capital A plans to apply for an uplift from its Practice Note 17 (PN17) status.
Chief Financial Officer Mun Hui Teh said, “The setting of the Entitlement Date is a monumental milestone, marking a step closer to the final phase of the airline business disposal that will complete the consolidation of all AirAsia airlines under AirAsia X. This strategic realignment delivers value directly to our shareholders and firmly positions Capital A for its next journey as a focused, high-growth multi-platform travel and digital group, separate from the airline operations.”
Following the consolidation, a unified AirAsia Group will operate as a single airline entity, focusing on expanding its low-cost network across the region and beyond. Capital A, in the meantime, will concentrate on scaling its five key high-growth businesses: its engineering arm ADE, logistics provider Teleport, travel platform AirAsia MOVE, F&B brand Santan and its brand licensing and IP division AirAsia Next.
Capital A is committed to driving sustainable growth and long-term value for its shareholders as it prepares to exit PN17 and chart its new course.