MALAYSIA Airlines Bhd (MAS) appears to have a head start on its closest rivals AirAsia Group Bhd, AirAsia X Bhd (AAX) and Malindo Airways Sdn Bhd after closing a restructuring deal that sees it emerging with a stronger balance sheet, having eliminated some RM10 billion in debt.
Last week, the UK court approved the national airline’s plan to restructure more than RM15 billion in liabilities, which effectively removes “decades-long legacy issues in its balance sheet”, its parent Malaysia Aviation Group Bhd (MAG) says. The plan includes a RM3.6 billion lifeline from its sole shareholder Khazanah Nasional Bhd to support the carrier’s new five-year business plan, which envisages MAS returning to profitability from 2022.
SEPANG, 1 March 2021: AirAsia Group confirmed last Friday Dr
Stanley Choi Chiu Fai joined the group as a substantial shareholder via his
wholly-owned Positive Boom Ltd.
He has acquired 167.1 million AirAsia shares in the first
tranche of the private placement, raising his shareholding in the group to
332.5 million shares representing an 8.96% stake.
Choi is the chairman of Head & Shoulders Financial Group
and the chairman and executive director of International Entertainment
Corporation (IEC), a company listed on the main board of Hong Kong Stock
Exchange (1009.HK).
His previous directorships include his appointment as
executive director of Target Insurance (Holdings) Limited (stock code: 6161.HK)
By Cirium2021-02-26T01:54:00+00:00
AirAsia Group has disclosed that existing shareholder Stanley Choi Chiu Fai is now a substantial shareholder, having acquired a chunk of new shares offered in the first tranche of the company’s private placement.
The group announced in January that it was looking to raise about MYR455 million for short-term cash needs, via a private placement of over 668 million new shares. In February, it priced the first tranche of nearly 370 million shares at MYR0.675 ($0.17) per placement share.
Source: Greg Waldron/FlightGlobal
An AirAsia A320 at Langkawi in March 2019
Via his wholly owned entity Positive Boom, the Hong Kong-based Choi holds 332.5 million shares after acquiring 167.1 million new shares, taking his shareholdings to 8.96% on 18 February, the low-cost airline group said in a statement today.
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