KUALA LUMPUR: Low-cost carrier AirAsia Group Bhd is seeking an extension until Dec 31 this year to undertake a private placement involving up to 668.39 million shares.

       In a statement to Bursa Malaysia yesterday, it said it had submitted the application for an extension of time from Aug 2 to implement the corporate exercise.

       The low-cost carrier had on Jan 21, announced the private placement representing up to 20% of the existing shares of 3.34 billion shares as at Jan 18.

       Based on the indicative issue price of 68 sen, it was expected to raise gross proceeds of up to RM454.51mil.

       It had planned to use RM146.62mil for fuel hedging within six to 12 months, RM95.18mil for aircraft lease and maintenance payments and RM76.96mil for AirAsia Digital Sdn Bhd’s digital business.