Malaysia’s AirAsia Group told on Friday it had completed the title change of its listed holding company to Capital A Bhd as it seeks market recognition of its growing portfolio of businesses beyond the core budget airline.
Malaysia’s AirAsia Group
The company’s airline business has existed hard-hit during the pandemic due to strict travel management in Asia, leading Malaysia‘s stock deal to this month classify the firm as financially distressed though it has been increasing funds to bolster its balance sheet.
Capital A has been investing heavily in the payments business BigPay, logistics arm Teleport, and its mobile Super App to gain other authority of income, though they stay in development phases and were loss-making in the quarter completed Sept. 30, 2021.
Chief Executive Tony Fernandes told
“Over the past two years, we have spent the downturn in flying building a solid foundation for a viable and successful future, which is not solely reliant on airfares alone,” Capital A Chief Executive Tony Fernandes told in a report.
Fernandes told reporters at a launch event in Kuala Lumpur
Fernandes told journalists at a launch event in Kuala Lumpur the carrier, which has five affiliate airlines including long-haul operator AirAsia X, planned to present two more to its stable. He refused, however, to give further details.
The group is again seeking to raise about 1 billion ringgit this year, as it resumes steps to regularise its finance Fernandes told.
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The carrier on Thursday reported it filled 80% of seats on offer in the fourth quarter of 2021 and had the highest number of passengers since the start of the pandemic as travel rules started to ease.
“Domestic travel has already begun to rebound in our key markets,” Fernandes told. “I am hopeful borders will reopen slowly throughout 2022 and we will see a return to normal capacity for our international services by the middle to the third quarter of this year.”