Hong Kong businessman Stanley Choi has purchased 167 million shares from Air Asia Group’s private placement for MYR115 million ($28 million).
The buy-in means that Choi, a well-known poker player, has increased his stake in the low-cost airline conglomerate to 8.96%.
The purchase was made by his private investment vehicle, Positive Bloom.
Last month, Air Asia said that it was looking to raise up to MYR455 million from a private placement of up to 20% of its Bursa Malaysia-listed shares, with lessors to be paid MYR95 million from the proceeds.
The first tranche of the private placement was completed last week and raised approximately MYR250 million, group chief executive Tony Fernandes said, adding that it reflected solid market and investor confidence.
“We expect further clarity to be reached on all funding efforts by the end of March,” he said.
The group plans to cut its fleet to 221 aircraft by December, from 244 in 2020.
Air Asia had previously said that it needed to raise at least MYR2.5 billion to be in a “very comfortable” position to weather the ongoing Covid-19 pandemic.