KUALA LUMPUR, AirAsia X Bhd's (AAX) shareholders have approved and expressed strong support for the proposed acquisition of Capital A's entire equity interest in the aviation business within AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) for RM6.8 billion. In a statement today, AAX said 99.08 per cent of its shareholders voted in favour of the acquisition during the extraordinary general meeting (EGM), signalling strong support for AAX's vision to capitalise on new market opportunities, strengthen operational synergies, and expand its service offerings. 'This pivotal decision clears the path for AAX's transformative acquisition which is expected to be completed by year-end as an enlarged aviation group, subject to final court and regulatory approvals,' it said. Additionally, it said the shareholders voted in favour of the proposed issuance of free warrants, proposed private placement to raise gross proceeds of RM1 billion, proposed share capital reduction and proposed granting of subscription sha res. 'Upon completion, the new aviation group will offer a comprehensive range of low-cost air travel services across short, medium, and long-haul routes, establishing the Kuala Lumpur International Airport as a leading aviation megahub and positioning ASEAN as a key global transit point,' it said. AAX chairman Datuk Fam Lee Ee said the acquisition gives AAX access to over 200 existing aircraft and 361 future aircraft order books from Capital A's aviation portfolio, combining both narrow-body and wide-body aircraft into a unified group, enabling it to expand its reach across long, medium, and short-haul segments. On Monday, 99.97 per cent of Capital A Bhd's shareholders approved the proposed disposal of RM6.8 billion worth of business to AAX. On April 25, Capital A inked a non-binding letter of offer with AAX for the proposed disposal of its aviation business, AAB and AAAGL. AAAGL and AAB are wholly-owned subsidiaries of Capital A. Post-divestment, Capital A would focus on the four strategic pillars tha t will drive its transformation into a future-proofed tech-driven aviation services company via Capital A Aviation Services (CAPAS), MOVE Digital, Teleport (Logistics), and the Brand AA company. Source: BERNAMA News Agency