Tune Group has sold its shares and is no longer the largest shareholder of AirAsia X.

(Kuala Lumpur, Jan 6) AirAsia X (AAX, 5238) announced that Tune Group is no longer a substantial shareholder following the disposal of its stake in the company.

In a statement, AAX said Tune Group sold 66.83 million shares, equivalent to 14.95% of AAX, effectively exiting the company’s major shareholder ranks.

AAX explained that the change forms part of the final stage of AirAsia’s aviation business consolidation and was executed via an off-market (OTC) transaction. The company noted the move was undertaken to reduce the collective shareholding of Capital A (CAPITALA, 5099) and related parties in AAX to below 33%, in order to avoid triggering any mandatory offer obligation under the Securities Commission’s Code on Take-overs, Mergers and Compulsory Acquisitions.

AAX added that the transaction aligns with conditions set out in shareholder circulars dated September 20 and September 24, 2024.

Following the completion of AAX’s acquisition of 100% equity interests in AirAsia Aviation Group Limited and AirAsia Berhad—alongside related corporate exercises such as private placements and share distributions—co-founders Tan Sri Tony Fernandes and Datuk Kamarudin will continue to remain major shareholders through their direct and indirect holdings in AAX.