AirAsia Group secures extra funding

Tuesday, 31 Dec, 2021 0

AirAsia Group completed a rights issue, gaining a much-needed MYR 974.5 million ($233 million).

The cash-strapped airline group is optimistically predicting a ‘strong rebound in air travel across Asean in 2022.’

The rights issue is supported by group CEO Tony Fernandes and other existing shareholders, and adds to a MYR 500 million guaranteed loan from Malasyia state-owned Danajamin Nasional Bhd.

"After the most challenging two years in commercial aviation history, the end is finally within reach," Fernandes said.

"We have survived the pandemic. We have restructured, relaunched and are now in a stronger position to recover faster."

WWe have used the downtime in flying to review every aspect of our airline operations with a strict focus on cost containment and implementing an optimal network and fleet strategy to put in place a solid platform to return to the skies leaner and stronger than ever in all key markets," Fernandes said.

Fernandes reckons its transformation into a ‘digital travel and lifestyle services group’ isn’t solely reliant on air travel alone, giving it a ‘more robust and resilient business model for the future.’

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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