AirAsia X (D7, Kuala Lumpur International) is looking to raise up to MYR395 million (USD108.7 million) via a rights issue due in the next quarter of this year. In a filing with the Malaysia Bursa, the AirAsia subsidary said the issue would entail the issuance of new ordinary shares valued at MYR0.15 (USD0.04) each together with free detachable warrants.

It also proposed doubling its authorised share capital from 3.33 billion shares valued at MYR500 million (USD137.6 million), to 6.67 billion shares valued at MYR1 billion (USD275.2 million).

Of the proceeds raised, MYR119 million (USD32.7 million) would go towards the repayment of borrowings while MYR270 million (USD74.3 million) would be put towards general working capital for AirAsia X and its Indonesia AirAsia X (IDX, Jakarta Soekarno-Hatta) and Thai AirAsia X (XJ, Bangkok Suvarnabhumi) subsidiaries.

As part of an on-going reorganization exercise, AirAsia X's board of directors last week announced the appointment of Datuk Kamarudin Meranun as Group CEO and Benyamin Bin Ismail as acting CEO of AirAsia X Berhad.

Kamarudin and Benyamin will spearhead the reorganisation and turnaround of the AirAsia X Group by focussing on the strengthening of its balance sheet and the maximisation of its profitability.