Fernandes: AirAsia Group to be listed on Bursa Malaysia in September

The Star

AirAsia Group Sdn Bhd (AAG) is poised to be listed on Bursa Malaysia in September, taking over the listing status of AirAsia X Bhd, said Capital A Bhd chief executive officer Tan Sri Tony Fernandes on Friday (April 26).  Read more at https://tinyurl.com/3xtpfkhv  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 [ Music ]

00:21 >> A round of applause for the amazing performance

00:24 by the AirAsia Prod team.

00:27 The crew are world-class dancers,

00:30 and that just shows the resilience of our staff.

00:36 So I'll get into what this is all about.

00:40 Obviously, it's been released to the press,

00:42 released to Bursar Malaysia, but I'll try and give you my context

00:45 and our board's context.

00:46 What have we done?

00:47 We're basically putting -- capital A is selling its aviation assets

00:52 to AirAsia X.

00:54 And in time, when we're listed, probably in September,

00:57 we will be called AirAsia Group.

01:00 And then we will merge the X airlines into the short-haul airlines after that.

01:06 What is the purchase price?

01:10 It's normally $6.8 billion for the assets, the capital aviation assets,

01:16 but the real payment to AirAsia X shareholders

01:20 are giving $3 billion worth of shares.

01:23 So X shareholders are getting a fantastically well-oiled short-haul airline,

01:28 four planes, a great order book for effectively $3 billion,

01:33 and guaranteeing them massive growth.

01:36 AirAsia shareholders are getting out of PN17,

01:41 plus getting the future potentials of all those routes we couldn't do before.

01:46 And that is very exciting from where I am,

01:49 and that's why I stayed on for another five years,

01:51 to deliver this second disruption.

01:55 We'll be the first short-haul network carrier,

02:01 narrow-body network carrier, not short-haul.

02:06 So, you know, the benefits to capital A shareholders,

02:10 shareholder equity will be positive,

02:12 pave the way for PN17 exit, and I believe before June 20th,

02:17 our focus now is getting the circulars out to the shareholders,

02:20 but before June 20th, we will put in a full regularization plan.

02:23 And of course that regularization plan will be much easier

02:27 because we're in positive equity.

02:29 [Music]

02:37 [Music]

Category

Transcript

Recommended