AirAsia to Complete RM974.5 Million Rights Issue

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AirAsia Group Berhad (AAGB) right now announces it will complete its renounceable legal rights concern to its current shareholders upon listing of the RCUIDS and Warrants on Friday, 31 December 2021, efficiently elevating RM 974.5 million and furnishing a solid injection to aid the total Team fundraising method.

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AirAsia Group CEO, Tony Fernandes stated: “After the most complicated two yrs in professional aviation history, the close is eventually in just attain. We have survived the pandemic. We have restructured, relaunched and are now in a stronger place to get well more rapidly. 

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“We have used the downtime in traveling to overview every single aspect of our airline operations with a rigorous target on charge containment and employing an best community and fleet system to place in position a solid system to return to the skies leaner and stronger than ever in all essential markets. 

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“We have also reworked into a electronic travel and way of living providers team which isn’t only reliant on airfares by itself, delivering a more sturdy and resilient model for the foreseeable future. Asean is wherever we have our strongest foothold with obtain to around 700 million men and women and no other brand name delivers the breadth of products and services we do now. More than the earlier 18 months, we have released many new business ventures to meet customer demand in the burgeoning digital financial state. AAGB is now an financial investment company with a portfolio of synergistic travel and way of life enterprises that leverage technological know-how to supply the most effective worth at the least expensive price, supported by solid facts and just one of Asia’s leading makes that stays fully commited to serving the underserved in all that it does.

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“Earlier this calendar year our tremendous application obtained unicorn position in less than two decades following it was valued at around US$1 billion by Credit Suisse. Our fintech venture BigPay elevated up to US$100 million in funding from SK Team as it carries on to change fintech interconnectivity in the region by democratising financial services, giving accessibility and inclusivity, serving the underserved just like the airline does, which includes SMEs and begin up firms. BigPay is now concentrating on securing a financial institution lending licence to broaden its very low charge choices.

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“The Legal rights Challenge declared today is a critical ingredient of our in general fundraising system supporting a robust rebound in air vacation throughout Asean in 2022. We are step by step resuming flights in all of our key marketplaces and search forward to returning to pre-Covid ranges on a lot of of our well known routes in the new 12 months together with robust vaccination costs, better screening treatments and training in all of our marketplaces. It also shows continued strong investor confidence in our over-all restoration method including the electronic transformation which has previously gained overwhelming support to day by means of many fundraising initiatives. 

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“Furthermore, we have also secured acceptance from Danajamin Nasional Bhd for an 80% assured financial loan of up to RM500 million. All of which signal strong assistance for our transformation system to come to be a lot more than just an airline in the digital era. 

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“Importantly, with today’s announcement, our fundraising strategy stays firmly on observe. We have now realized more than RM 2.5 billion of fundraising, delivering powerful liquidity to ramp up functions by means of future calendar year when we hope to be sustainable and driving shareholder price after yet again.

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“As our electronic transformation continues to attain powerful momentum, we now glimpse ahead to boosting new capital for our speedy expanding super app, our regional logistics venture Teleport and engineering business, Asia Electronic Engineering (ADE) in the close to long term.

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“Our airasia Super Application with 16 unique travel and way of living choices is by now a single of the major 3 on the net journey companies (OTAs) in Southeast Asia and is on its way to achieve its target to develop into the super app of option for anyone in Asean, with not only the most effective price flights and lodging, but also food items, wellness, attractiveness, delivery, edutech, trip hailing and extra. Teleport is enduring sizeable advancement capitalising on the big surge in the region’s e-commerce industry for to start with to very last mile deliveries and we see enormous potential for ADE to become the major aircraft maintenance service provider in Asean.” 

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The Legal rights Issue entailed the issuance of 7-12 months Redeemable Convertible Unsecured Islamic Financial debt Securities (“RCUIDS”) with a nominal benefit of RM0.75 every, in addition no cost detachable warrants, on the basis of 2 RCUIDS with 1 warrant for each 6 AAGB shares held. As a crucial part of AAGB’s fund-elevating initiatives, the Legal rights Difficulty will help AAGB to assist various segments of the Team, such as but not restricted to, functioning funds and other operational expenses incurred because of to the outbreak of the global Covid-19 pandemic and costs essential to ramp-up operations to be prepared for the rebound of international travel, balanced with funding growth of the various airasia digital business models.

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