KUALA LUMPUR (Feb 28): Capital A Bhd is carving out the manager of its aviation brand AirAsia and injecting it into Nasdaq-listed special purpose acquisition company (SPAC) Aetherium Acquisition Corp for US$1.15 billion (RM5.48 billion) — a move to pave way for its exit from Practice Note 17 (PN17) status, besides selling its aviation business to AirAsia X Bhd.
In return, Capital A will get an equity stake worth US$1 billion in the US-listed entity, which will be called Capital A International (CAPI). On top of that, Capital A will also offload a US$150 million loan to CAPI as part of sale consideration settlement.
The proposal announced also includes distribution of CAPI shares to Capital A’s shareholders.
Capital A, which owns low-cost carrier AirAsia Bhd, said it has entered into a letter of intent with Aetherium for the reverse listing of its brand management outfit CAPI on Nasdaq in the US.
The proposed plan is to merge Aetherium with a unit of CAPI, which will house…
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