KUALA LUMPUR (Mar 25): AirAsia Bhd is appealing against the Malaysia Competition Commission’s (MyCC) earlier ruling that AirAsia and Malaysian Airline System Bhd (MAS) were guilty of anti-competition practices.

The ruling had led MyCC to impose a fine of RM10 million each on AirAsia (fundamental: 0.2; valuation: 0.6) and MAS.

AirAsia said in a statement today court proceedings for the appeal would take place today (Mar 25) and tomorrow (Mar 26).

"AirAsia is appealing against the decision of the Malaysia Competition Commission (MyCC) which ruled both Malaysian Airline and AirAsia guilty of anti-competition practices, with a fine of RM10 million each.

"AirAsia will be presenting its case at a court proceeding, which will be going on for two days (25th & 26th March) at Kompleks Mahkamah Kuala Lumpur, Jalan Duta," AirAsia said.

In 2013, the MyCC said both airlines had infringed the Competition Act 2010, when low-cost carrier AirAsia went into a share-swap deal with MAS in 2011.

The share-swap deal undertaken by MAS and AirAsia's major shareholders, had enabled both airlines to enter into a collaboration framework, which would see both companies sharing the domestic aviation market.

At 12:10pm today, AirAsia shares rose one sen or 0.5% to RM2.22 for a market capitalisation of RM6.2 billion.

The stock had traded at a high and low of RM2.25 and RM2.20 so far today.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)