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Air Asia X shares take a beating on news of wage-bill woes

Intense competition first sent AAX into the red in FY2013; its first half 2014 loss was RM140m

Published Tue, Nov 18, 2014 · 09:50 PM

Kuala Lumpur

MALAYSIA'S long-haul budget carrier Air Asia X (AAX) was one of the most heavily-traded stocks on the Kuala Lumpur stock exchange on Tuesday, declining 6 per cent to RM0.70 apiece on news that the carrier was having trouble meeting its wage bills.

The Edge Financial Daily, citing sources, reported on Tuesday that the carrier was having payment problems relating to staff salaries and their fixed and variable allowances; the daily added that Tony Fernandes, the founder of AAX's sister budget airline AirAsia, would assume a more prominent role in the management of AAX.

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