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News Summary: AirAsia X eyes $275 million IPO

The Associated Press

CASH FOR EXPANSION: Malaysia's long-haul budget carrier AirAsia X said Monday that it hopes to raise up to $275 million in the country's biggest share sale this year to repay debts and fund its expansion.

LONG-TERM GROWTH: The IPO, expected to go to market July 10, comes amid increased competition as more budget airlines grab a share of Asia's fast-growing market. Air travel in Asia is expected to grow 6.7 percent annually in the next 20 years.

LAUNCHED IN '07: AirAsia X, which was launched in late 2007, flies to 14 destinations across Asia, Australia and the Middle East.