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AirAsia X announces rights issue to raise US$109m

[KUALA LUMPUR] Malaysian long-haul budget carrier AirAsia X announced on Friday an equity rights issue that seeks to raise RM395 million (US$108.85 million) to repay borrowings and fund working capital requirements.

AirAsia X, an affiliate of Asia's largest budget carrier group AirAsia, said the price and entitlement of the rights shares, which will be issued together with free warrants to the shareholders, will only be determined later.

Trading in shares of the company were suspended on Friday ahead of the announcement.