KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
This disposal is a key part of Capital A’s plan to exit its Practice Note 17 (PN17) status, and now awaits approval from AAX shareholders at their upcoming EGM on Oct 16.
Capital A CEO Tan Sri Tony Fernandes expressed optimism on LinkedIn, calling it a "great day" for the group after navigating the challenges posed by Covid-19. He emphasized that if AAX shareholders approve the deal, it would create a "very powerful aviation group" and position Capital A for significant growth.
The deal includes the distribution of 73.33% of AAX shares that Capital A would receive from the disposal to its shareholders, a resolution also passed with 99.97% approval.
Capital A aims to achieve a clean balance sheet and submit its regularisation plan by year-end, marking its exit from PN17 status. Shares in Capital A ended down one sen to 92.5 sen, while AAX shares fell by 0.6% to RM1.75.
This merger is expected to sharpen Capital A’s focus on technology-driven aviation services and digital businesses, positioning the group for future growth in travel demand.
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