The tie-up between AirAsia and Malaysia Airlines (MAS) is fast unraveling, starting with the sudden axing of the share swap deal. The unwinding of the share swap will see Tune Air, the investment vehicle of AirAsia’s Tony Fernandes and Kamaruddin Meranun, transfer its 20.5% stake in MAS back to Khazanah, MAS’s major shareholder. Khazanah, meanwhile, will transfer its 10% stake in AirAsia back to Tune Air. “This transaction will be conducted based on the prices at the time the share swap ...

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