July 8, 2021

AirAsia Aims To Raise $ 300 Million Through US Digital Business Listings

 Low-cost carrier AirAsia Group Bhd is considering listing its digital unit through a special purpose acquisition company (SPAC) in the United States (US) for at least US $ 300 million.

AirAsia chief executive Tony Fernandes when interviewed by Reuters said AirAsia had worked with auditors in making an agreement to list the unit, which covers travel and lifestyle services platforms as well as logistics and financial technology businesses.

“We’ve recruited our auditors to start preparing for listings in the U.S., so that’s very important,” Fernandes said.

AirAsia has announced it will buy its Indonesian repayments and payments business from Gojek Thailand in a share exchange.

Through the move, AirAsia gave Gojek a 4.76% stake worth $ 50 million in the airline's lifestyle platform.

In addition, Fernandes also said that discussions with U.S. companies on a US $ 1 billion loan for digital businesses are also nearing completion.

From other virtual discussions, AirAsia has said that Thai AirAsia will register on the local stock exchange in three to four months.

Since last year, AirAsia has been working to raise funds of up to RM2.5 billion equivalent to US $ 600.96 million to overcome the current downturn in global travel.