Friday, February 24, 2017

Fernandes proposes a single listed Asean holding firm for AirAsia

Petaling Jaya: AirAsia Bhd’s founder Tan Sri Tony Fernandes says he wants to combine the group’s separate units in Malaysia, Thailand, Indonesia and the Philippines under a single listed Asean holding company.
“We are urging Asean Governments to relax ownership restrictions and consider Asean investors as equivalent to local investors,” said Fernandes, who is also the low-cost airline’s group chief executive officer, in a filing with Bursa Malaysia yesterday.
AirAsia, which is listed on Bursa Malaysia, had previously sought to list each operating unit in its respective home country.
One of AirAsia’s key goals, Fernandes said, was to monetise its non-core assets.
The biggest will be Asia Aviation Capital Ltd, its leasing arm, which he said was worth US$1bil.
“We are at the due diligence stage for this and have been surprised at the interest we are getting.
AirAsia India reported the highest aircraft utilisation rate among all the short-haul airlines in the AirAsia Group, managing a 52% capacity increase in the 12 months to Q4’16 with the addition of just two aircraft from an initial fleet of six.
“Our focus remains on building our footprint and introducing our low fares to many more Indian cities,” Fernandes said.
24/02/17 The Star