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AirAsia Group is in talks with SK Corp, to sell 10% of its shares to raise RM334.2mil
The sale of 10% stake to South Korea’s third largest conglomerate SK Corp at RM1 a share would raise an estimated RM334.2mil.
The potential private placement of shares were approved by the board in the last annual general meeting (AGM) held on June 27,2019.
SK Corp, with primary core businesses in the energy and telecommunications industries, registered a revenue of US$213.6bil and total assets of US$257.9bil in 2018.
In the meantime, the Malaysian government is looking to inject RM1.5bil cash into three local airlines, including AirAsia.
Airlines have been cash-strapped following the grounding of most of their fleet during the Covid-19 outbreak.
The Malaysian Association of Tour and Travel Agents (Matta) previously reported that aircraft movements at Malaysian airports had declined by 11.9% in the first quarter of 2020 compared to the same quarter last year.