Friday 29 Mar 2024
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KUALA LUMPUR (Oct 7): Long-haul low-cost carrier Indonesia AirAsia X (IAAX), a subsidiary of AirAsia X Bhd, said today that it has complied with Indonesian authorities' regulatory requirement on aircraft ownership.

In a statement released to Bursa Malaysia this evening, IAAX said the regulation, as mandated by Indonesia's Aviation Law No. 1 Year 2009, requires every commercial scheduled airline in Indonesia to have a minimum of 10 aircraft under its fleet — half of which must be owned.

It was previously reported that IAAX risked losing its flight permits if it does not fulfil the minimum aircraft requirement.

Today, IAAX said it had, on Sept 28, complied with the regulation by inducting eight more aircraft to its fleet, which brought its total aircraft to 10.

"With a total of 10 aircraft in our fleet, we have therefore fulfilled the regulatory requirement.

"We are very appreciative of Indonesia's Ministry of Transportation's extended support and assistance during the process of complying with the aircraft ownership requirement. We remain highly committed to further expand our network to support the Indonesian aviation as well as tourism industry," said IAAX chief executive Dendy Kurniawan.

Shares in AAX closed 1 sen or 5% higher at 21 sen for a market capitalisation of RM829.6 million.

(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.)

 

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