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Capital A to sell its airlines to AirAsia X
Parent company of AirAsia, Capital A Bhd is undergoing a business shakeup.
Capital A plans to sell all its airline businesses to AirAsia X.
This will boost operational efficiency, it says.
CEO Tony Fernandes says it is part of a consolidation plan to merge all its airline businesses in Malaysia, Thailand, Indonesia, the Philippines and Cambodia.
AirAsia X operates the group’s mid and long-haul flights.
“This move is aimed at streamlining the group and facilitating a business-centric valuation of the separate entities,” Fernandes said.
Fernandes said Capital A’s financial status has made it difficult to raise further funds for expansion.
“Following the disposal, the aviation business is poised to benefit from focused management and a well-defined strategic direction,” he said.
Once the airline businesses are offloaded, Capital A will continue running the Teleport logistics unit, the Santan F&B business, AirAsia Move and Asia Digital Engineering for aircraft maintenance and repair.
“We believe this move will bring greater clarity to investments and create a more focused shareholder base.”
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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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