AAX-WB (AAXWB)

Warrant Profile: AAX-WB (5238WB)

AAX-WB is a company warrant issued by AirAsia Group Berhad (formerly AirAsia X Berhad), listed on Bursa Malaysia under the code 5238WB. It grants the holder the right to purchase one share of the parent company (AAX, 5238) at an exercise price of RM1.64, on or before the expiry date of 23 December 2030.

Key Warrant Facts

Current Status (April 2026)

This warrant is currently out-of-the-money (OTM) — meaning the parent share price (RM1.33) is still below the exercise price (RM1.64). The intrinsic value of the warrant is therefore RM0.00. The current market price of approximately RM0.60 consists entirely of time value — the market's estimate of the probability that AAX will trade above RM1.64 before December 2030.

⚠️ Important for new investors: This is not a regular share. If AAX remains below RM1.64 at expiry in December 2030, this warrant will expire worthless.

Company Profile: AirAsia Group Berhad (5238)

The Transformation: From AAX to AirAsia Group

On 16-19 January 2026, AirAsia X Berhad completed its acquisition of Capital A's aviation business — a landmark transaction that transformed the company into the largest airline group in Southeast Asia.

Before January 2026 (Old AAX): A long-haul airline operating routes to Australia, Japan, South Korea, China, and the Middle East using an Airbus A330 fleet.

After January 2026 (New AirAsia Group): A pan-Asian mega-airline operating both short-haul (AirAsia) and long-haul (AirAsia X) flights under one roof. This encompasses operations in Malaysia, Indonesia, the Philippines, Thailand, India, and Cambodia.

Current Operational Scale

• Fleet: 203 operational aircraft, 240 total
• Q1 2026: 18.9 million passengers (+9% year-on-year)
• Load factor: 85%
• Capacity: 98% of pre-pandemic levels
• Network: Southeast Asia, North Asia, Australia, Middle East

Shariah Status

⚠️ Both AAX-WB and the parent stock AAX (5238) are NON-SHARIAH COMPLIANT. Muslim investors or those seeking Shariah-compliant investments should take note before investing.