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Kuala Lumpur, Kuala Lumpur, Malaysia

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Material Litigation

BackOct 23, 2020
Type Announcement
Subject MATERIAL LITIGATION
Description

KUALA LUMPUR HIGH COURT INTERVENTION APPLICATION BY MALAYSIA AIRPORTS (SEPANG) SDN BHD AGAINST AIRASIA X BERHAD

The Board of Directors of Malaysia Airports Holdings Berhad (“the Company”) wishes to announce that Malaysia Airports (Sepang) Sdn Bhd (“MASSB”), a wholly owned subsidiary of the Company, has on 23 October 2020 filed an application to intervene and be excluded from AirAsia X Berhad’s (“AAX”) proposed debt restructuring scheme (“the Intervention Application”).

 

On 7 October 2020, AAX had filed an Originating Summons at the Kuala Lumpur High Court for leave to convene a meeting with its unsecured creditors for purposes of considering its proposed debt restructuring scheme. In this application, AAX had named MASSB as one of its unsecured creditors.

 

The Intervention Application seeks to exclude MASSB from this proposed debt restructuring scheme on the basis that, pursuant to the express terms of the Conditions of Use for Kuala Lumpur International Airport (“the Conditions of Use”), MASSB is a secured creditor of AAX. In particular, MASSB is a lienholder whose debt is secured by a contractual lien over the User Properties of AAX.

 

The Board of the Company is of the opinion that it is necessary for MASSB to pursue the Intervention Application to best protect its interest.

 

The Intervention Application is not expected to have any material impact on the operational position of the Company.

 

Any further updates in respect of any material development will be made from time to time.

 

This announcement is dated 23 October 2020.

 


Announcement Info

Company Name MALAYSIA AIRPORTS HOLDINGS BERHAD
Stock Name AIRPORT
Date Announced 23 Oct 2020
Category General Announcement for PLC
Reference Number GA1-23102020-00122