Shareholders give green light, capitala poised to exit PN17.
Shareholders approve the sale of aviation business, and Futubull can exit PN17 by the end of the year.
(Kuala Lumpur, 14th) Futubull Group $CAPITALA (5099.MY)$Announced at today's shareholders' extraordinary meeting, shareholders voted to approve the sale of the group's aviation business to AirAsia X. $AAX (5238.MY)$
According to the statement, the group's CEO Tan Sri Tony Fernandes expressed that with the approval of the sale, the group will set a clearer direction for future development by dividing core aviation business and support services.
"A clear positioning will not only benefit shareholders and customers, but also enable us to better define the future of travel."
He added that Futubull Group currently has four major businesses: Capital A Airline Services (CAAS) that provides support services for AirAsia, Teleport which focuses on logistics, MOVE Digital involved in digital technology, and Brand AA Company managing the "AirAsia" brand.
AirAsia Group takes over the listing status.
"Dividing aviation and non-aviation businesses allows us to focus more on the development of each respective area. After the integration of the aviation business, efficiency, profitability, and shareholder returns will be enhanced through synergies between short-haul and long-haul operations."
Fernandes also emphasized that with the approval of shareholders this time, the group will have a clearer balance sheet to complete the restructuring plan and successfully exit PN17 by the end of the year.
The group will apply to the court next to distribute profits to shareholders through capital reduction.
Prior to this, Yee Tee Group announced that it would sell its aviation business, Asia Airlines, to AirAsia Long-Haul for 6.8 billion ringgit through stock exchange and debt settlement. After the transaction is completed, the new AirAsia Group will replace AirAsia Long-Haul's listing status.
In addition, AirAsia Long-Haul will convene an extraordinary general meeting of shareholders on October 16 to review and approve the restructuring plan.
Source: Nanyang Business Times
Disclaimer: This content is for reference and educational purposes only, and does not constitute any specific investment, investment strategy, or recommendation. Readers should bear any risks and responsibilities arising from relying on this content. Before making any investment decisions, be sure to conduct your own independent research and evaluation, and consult professional advice if necessary. The author and related participants are not responsible for any losses or damages resulting from the use or reliance on the information contained in this article.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment