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Malaysia's AirAsia Group expects fundraising clarity next month

AirAsia India Airbus A320
AirAsia India Airbus A320, © Airbus

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KUALA LUMPUR - Malaysian budget airline AirAsia Group expects more clarity on its fundraising efforts, including a government-guaranteed loan, by the end of March, its Chief Executive Officer Tony Fernandes said on Monday. He said the airline was working towards obtaining approval for the loan under a government-guarantee scheme.

"Concurrently, we have positive ongoing discussions for other fundraising support measures in many of our key markets such as Thailand, Indonesia and the Philippines," he said in a statement.

The airline has a target to raise 2.5 billion ringgit ($618.51 million) from loans and investors. Fernandes said the airline can look to a gradual recovery this year in its key markets and "potentially a full recovery within the next two years".

AirAsia has raised 250 million ringgit from the first tranche of a recent private placement of up to 20% of its total issued shares, that was completed last week.

The entire placement exercise was expected to raise about 454.5 million ringgit. Last October, the airline said it secured and disbursed a 300 million ringgit loan from Sabah Development Bank Bhd.

Fernandes said other capital raising and financial support measures were also being considered, including for its digital businesses.
© Reuters, aero.uk | Image: AirAsiaX | 22/02/2021 10:33

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