KUALA LUMPUR: Malaysian budget airline AirAsia Group Bhd has won shareholder approval for a rights issue to raise RM1bil (US$240.88 million), it said in a statement on Thursday.

       Hit by the coronavirus-driven slump in global travel, the airline in July proposed to raise the funds through a rights issue to weather the financial impact. AirAsia has been looking to raise up to RM2.5bil.

       The airline said in stock exchange filing that it secured nearly 100% of votes for its proposed renounceable rights issue of up to RM1.024bil in nominal value of seven-year redeemable convertible unsecured Islamic debt securities.

       Last month,it also received approval for a loan facility of up to RM500mi, 80% of which is guaranteed by the government and will be earmarked for working capital. ($1 = 4.1515 ringgit) - Reuters