AirAsia X

Reference is made to the Company’s announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 3 January 2022, 3 February 2022, 1 March 2022, 1 April 2022, 5 May 2022, 1 June 2022, 1 July 2022, 1 August 2022, 1 September 2022, 3 October 2022, 12 October 2022 and 2 November 2022 (“Announcements”).

(Unless otherwise stated, all abbreviations and terms used in this announcement shall have the same meanings as those defined in the Announcements.)

The Company wishes to announce that the Company has engaged AmInvestment Bank Berhad to assist in the formulation and/or evaluation of possible proposals with the aim of developing a comprehensive regularisation plan (“Proposed Regularisation Plan”) to regularise its PN17 condition. In addition, the Company has also engaged the following advisers for the formulation of the Proposed Regularisation Plan:

1. Messrs Mah-Kamariyah & Philip Koh as the due diligence solicitors;
2. Deloitte Corporate Advisory Services Sdn Bhd as the joint independent valuer;
3. Messrs Ernst & Young PLT as the reporting accountant;
4. Smith Zander International Sdn Bhd as the independent market researcher; and
5. BDO Governance Advisory Sdn Bhd as the internal control reviewer.

An independent adviser will be announced upon official appointment.

Pursuant to the announcement dated 2 November 2022 in relation to the approval from Bursa Securities for the extension of time up to 28 April 2023 for the Company to submit its regularisation plan to the relevant regulatory authorities, the Company has approximately six (6) months to submit the Proposed Regularisation Plan to the relevant regulatory authorities for approval to implement the same. The Company shall make the necessary announcement(s) with regard to any material development thereof accordingly.

This announcement is dated 2 November 2022.