AirAsia Group to raise up to $112.84 million via private placement

FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang, Malaysia April 14, 2020. REUTERS/Lim Huey Teng/File Photo

(Reuters) – Malaysian budget carrier AirAsia Group said on Thursday it planned to undertake a private placement of up to 20% of its total issued shares to strengthen its financial position.

The proposed private placement, which will represent about 668.4 million AirAsia Group shares, is expected to raise about 454.5 million ringgit ($112.84 million).

AirAsia said the placement would enhance the Group’s financial position with a marginal increase in its net assets.

($1 = 4.0280 ringgit)

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