SEPANG, 1 March 2021: AirAsia Group confirmed last Friday Dr
Stanley Choi Chiu Fai joined the group as a substantial shareholder via his
wholly-owned Positive Boom Ltd.

He has acquired 167.1 million AirAsia shares in the first
tranche of the private placement, raising his shareholding in the group to
332.5 million shares representing an 8.96% stake.

Choi is the chairman of Head & Shoulders Financial Group
and the chairman and executive director of International Entertainment
Corporation (IEC), a company listed on the main board of Hong Kong Stock
Exchange (1009.HK).

His previous directorships include his appointment as
executive director of Target Insurance (Holdings) Limited (stock code: 6161.HK)
from 2014 to 2019, Director of ZhongAn Online P&C Insurance Co. Limited
(stock code: 6060.HK) from 2013 to 2016 and executive director of Media Asia
Group Holdings Limited (stock code: 8075.HK) from 2011 to 2015.

Commenting on his stake in the airline group Choi said: “I am confident that air travel will bounce back and that under Tan Sri Tony’s and Datuk Kamarudin’s leadership, and with vaccines being rolled out across the region and globally, AirAsia has a very bright future ahead. I look forward to working with everyone at AirAsia.”

Datuk Kamarudin Meranun, Executive Chairman of AirAsia Group
added: “We are thrilled to welcome Dr Stanley Choi as a strategic
shareholder of AirAsia Group, bringing an impressive track record and solid
reputation as a business powerhouse to our group. We are confident that he will
add value to our digital business development in China through his vast
experience and network with top digital players in the country.