AirAsia X is pleased to announce the incorporation of AAX AVIATION CAPITAL LTD. & AAX LEASING ONE LTD. as follows: -

a) Incorporation of AAX AVIATION CAPITAL LTD.

AirAsia X has, on 14th March 2018, incorporated a wholly-owned subsidiary company known as AAX AVIATION CAPITAL LTD.  (“AAC”)  (Company No.: LL14573), a private limited company under the Labuan Companies Act 1990.

The objective of establishing this entity is to facilitate the leasing of aircraft by the AirAsia X Group in order to comply with the revised Guidelines on the Establishment and Operations of Labuan Leasing Business which were published by the Labuan Financial Services Authority (“Labuan FSA”) on 29 December 2017.

The initial issued and paid-up share capital of AAC is USD1,000 comprising 1,000 ordinary shares of USD1 each and will be raised accordingly to cater for its operational needs. The Directors of AAC presently are Benyamin Ismail and Wong Mee Yen.

b) Incorporation of AAX LEASING ONE LTD.

AAX AVIATION CAPITAL LTD., the wholly-owned subsidiary of the ultimate holding company, AirAsia X, has on 15th March 2018 incorporated AAX LEASING ONE LTD. (“ALO”) (Company No.: LL14583), a private limited company under the Labuan Companies Act 1990 to facilitate the leasing of aircraft.

The issued share capital of this subsidiary is USD1,000 comprising 1,000 ordinary shares of USD1 each and will be raised accordingly to cater for its operational needs. The Directors of the subsidiary presently are Benyamin Ismail and Wong Mee Yen.

The incorporation of AAC and ALO are not expected to have any immediate effect on the issued and paid-up share capital or substantial shareholders’ shareholding in AirAsia X.

The establishment of AAC and ALO are also not subject to the approval of shareholders of the Company and any other regulatory authorities in Malaysia.

This announcement is dated 16th March 2018.