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Shareholders Approve Formation Of Airasia Group, More Consolidation On The Cards - Fernandes
Business
January 08, 2018 16:59 PM
SEPANG, Jan 8 (Bernama) -- Shareholders approved the formation of AirAsiaGroup Bhd, which will later assume the listing status oflow-cost airline, AirAsiaBhd, on Bursa Malaysia.

Under a one-for-one share swap deal, AirAsia Group would emergeas an investment holding entity while AirAsia will focus on its airline operations,AirAsia Bhd Group Chief Executive Officer (CEO), Tan Sri Dr Tony Fernandestold reporters after the company's Extraordinary General Meeting here, today.

The formation of AirAsia Group Bhd, which will be led by Fernandes,is expected to be completed by March 2018.

The move would create AirAsia as one economic unit and streamline the structure of its operations in Malaysia andvarious regional affiliates.

"This would enable the investors to understand the company better going forward. We would hopefully consolidate all of our ASEAN(affiliates) very soon. Thailand being the next, hopefully.

"It is a first step in terms of creating AirAsia into one economic unit. So, our dream is,AirAsiacould own100 per cent of all the ASEANassociates and then all the shareholders are aligned," he said.

Meanwhile, AirAsiaInternational Ltd Executive Director,RozmanOmar, said the streamlining would be undertaken over time soon after the creation of AirAsiaGroup.

"AirAsiaGroup Bhd will be the 100 per cent shareholder of AirAsiaBhd. The exercise will also see the transfer of the listing from AirAsiatoAirAsiaGroup...AirAsiawill be an unlisted company which we may convert into a SendirianBerhad entity," he added.

On building low-cost carrier terminals (LCCT) in other countries, Fernandes said countries were beginning to see the value of a low-cost terminal.

"2018 is a big year for us. For years, governments have always thought of one model. Malaysia led the game by creating the LCCTand hence the country is the biggest gainer of that. Now, all see one airport does not serves all.

"That is going to be Aireen's(AirAsiaDeputy Group CEO of digital, transformation, corporate services,Aireen Omar) baby and probably making good progress," he added.

--BERNAMA




















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