United Kingdom
United States
Asia Pacific
AirAsia Group secures extra funding
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.’
Related News Stories:
TravelMole Editorial Team
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.
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Tricia Handley-Hughes of Inteletravel announces the location for the TravelQuest 2025 conference
Insights from James Ferrara on Inteletravel’s Growth and Future
Tricia Handley-Hughes on Inteletravel’s Growth and Challenges
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Dozens fall ill in P&O Cruises ship outbreak
Woman dies after getting ‘entangled’ in baggage carousel
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls