AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

Malaysia's AirAsia Group raises $82mn as TPG executives, Aimia participate

  • The airline raised 336.46 million ringgit ($81.70 million) over two tranches by issuing 470.21 million new shares, representing 14.07% of the group's total issued shares.
Published March 17, 2021

KUALA LUMPUR: AirAsia Group Bhd has raised $82 million from TPG Capital executives, Aimia Inc and others through a private share placement, the Malaysian budget airline said on Wednesday as it looks to ensure liquidity in 2021.

The airline raised 336.46 million ringgit ($81.70 million) over two tranches by issuing 470.21 million new shares, representing 14.07% of the group's total issued shares.

The airline said investment firm TPG Capital's founder and chairman David Bonderman and TPG Asia Partners, including Tim Dattels, Ganen Sarbananthan and Zubin Irani, have invested in their personal capacity.

Hong Kong businessman Stanley Choi, chairman at Head & Shoulders Financial Group and executive director at International Entertainment Corporation, also participated.

Choi has emerged as a substantial shareholder, raising his stake to nearly 9% last month, bourse filings showed.

Montreal-based investment firm Aimia Inc and other local and foreign institutional funds also invested, AirAsia said, but did not share details of the size of the investments.

AirAsia Group Chief Executive Tony Fernandes said the placement is a significant part of the group's fundraising plan. The airline has said it plans to raise up to 2.5 billion ringgit through debt and equity.

"Of the gross total proceeds, AirAsia will allocate funds to support fuel hedging settlement, general working expenses, aircraft lease and maintenance payments and fund Airasia Digital business units, namely the Airasia super app and BigPay fintech platforms," he said.

Fernandes last month said the airline expects more clarity on its fundraising efforts, including a government-guaranteed loan by the end of March.

The airline had proposed in January a private placement of up to 20% of its total issued shares, which if exercised fully, was expected to raise about 454.5 million ringgit.

Comments

Comments are closed.