We refer to the following news articles entitled:

1. “Capital A to divest aviation businesses to AirAsia X” featured in The Star on 29 November 2022; and
2. “AirAsia X seeks to merge with Capital A’s aviation arm AirAsia, confirms The Edge report” featured in The Edge CEO Morning Brief on 30 November 2022.

The Company wishes to clarify that it is still in the midst of evaluating and formulating its proposed PN17 regularisation plan. As part of this ongoing process, the Company is considering multiple options, including a potential acquisition of Capital A Berhad’s aviation business. However, the Company wishes to clarify that the plan remains a work in progress and will be subject to input from our appointed advisers as well as due diligence before being put forward to the Company’s Board of Directors for their consideration.

The Company will make the requisite announcement(s) once the plan is finalised.

This announcement is dated 30 November 2022.