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Malaysia’s Capital A Plans Aviation Business Sale to AirAsia X for Global Merger

by Richie
01/08/2024
in Importing & Exporting, Industry, Logistics & Transportation

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Malaysia’s Capital A Berhad announced its intention on Monday to sell its aviation business to the long-haul unit, AirAsia X Bhd, aiming to consolidate both short and long-haul operations under a unified AirAsia brand.

The proposed deal, contingent on final agreement signing and approvals from shareholders and courts, encompasses the sale of AirAsia Berhad and AirAsia Aviation Group Ltd, covering AirAsia units in Thailand, Indonesia, the Philippines, and Cambodia. Group Chief Executive Tony Fernandes disclosed the plan during AirAsia’s 2024 outlook briefing, without specifying the deal’s value.

Fernandes stated that full details of the deal would be revealed within the next two weeks, expressing his vision of eventually merging AirAsia X and AirAsia into a single airline, aspiring to create one ASEAN airline representing the 10-member Association of Southeast Asian Nations.

Established in 2001, AirAsia has evolved into one of Asia’s major budget airline operators with around 200 planes serving markets across Southeast Asia and China.

Both Capital A and AirAsia X faced challenges due to pandemic-related travel restrictions, classified as PN17 (financially distressed) by Malaysia’s stock exchange. Such firms risk delisting if they fail to stabilize finances within a set timeframe. However, AirAsia X exited this classification in November after implementing measures to enhance its financial position.

Fernandes anticipates the group’s airlines reaching full pre-pandemic capacity by the end of Q1. He mentioned having 400 planes on order, with Airbus scheduled to deliver new A321 aircraft from Q2 2025. The group aims to expand routes to Europe, South America, and Africa by year-end.

Fernandes disclosed his intention to retire within five years. The sale of the airline would enable Capital A to raise funds and concentrate on non-aviation businesses, such as payments firm BigPay, logistics arm Teleport, and online travel agency airasia MOVE.

“We are confident that by separating the aviation business from Capital A, the non-aviation businesses within the group, which we feel are currently undervalued by the market, will also be recognized for their intrinsic value and potential,” Fernandes stated in a separate release. Capital A plans to present a PN17 regularization plan by June 30 following the aviation disposal’s completion.

Your source for supply chain report news updates: The Supply Chain Report. For international trade insights and tools, head to ADAMftd.com.

#CapitalAviationSale #AirAsiaXMerger #ASEANAirlineVision #AirAsiaExpansion #PN17Update #TonyFernandesRetirement #AviationConsolidation #AsiaBudgetAirlines #AirbusA321Order #AirAsiaGlobalExpansion #BigPayTeleportMOVE #CapitalAFuture

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