Capital A Completes Sale of Aviation Business to AirAsia X

Malaysia’s Capital A Bhd. said it completed the sale of its short-haul aviation business to AirAsia X Bhd., as part of the restructuring of the business empire controlled by Tony Fernandes.

The move will consolidate the group’s aviation businesses under a single entity. With the sale, Capital A will focus on non-aviation business, and aims to shed the financially distressed classification it received from Malaysia’s stock exchange in 2022 in the wake of the pandemic.