We refer to Bursa Malaysia Securities Berhad’s (“Bursa Securities”) Unusual Market Activity query dated 17 March 2023 in relation to the sharp rise in price and volume of AirAsia X Berhad’s (“Company”) shares, the Board of Directors wishes to confirm that to the best of their knowledge and after having made due enquiries with the Directors, major shareholders and such other relevant persons, the following:

1) Whether there is any corporate development relating to your Group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion. If yes, kindly provide the details including status of the corporate development to enable investors to make informed investment decisions; 

The Company and the appointed advisers are in the midst of formulating and/or evaluating the proposals to develop the Proposed Regularisation Plan to holistically restructure its business and financial condition pursuant to the Practice Note 17 of the Main Market Listing Requirements (“Bursa Securities LR”). Save for this, the Board is not aware of any corporate development relating to the Company and its subsidiary companies’ (“Group”) business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

2) Whether there is any rumour or report concerning the business and affairs of the Group that may account for the trading activity and in this respect, you are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities LR; 

The Board is not aware of any rumour or report concerning the business and affairs of the Group that may account for the trading activity. 

3) Whether you are aware of any other possible explanation to account for the trading activity; and

The Board is not aware of any possible explanation to account for the trading activity. 

4) Whether you are in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations. 

The Group is in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bura Securities LR on immediate disclosure obligations.