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Deepti Sri · · 1 min readReport: AirAsia lands $82m from TPG Capital execs, Aimia, others
“AirAsia Group has raised US$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,” Reuters reported.
Details:
- The airline issued 470.21 million shares, which add up to 14.07% of the group’s total issued shares. It plans to raise up to 2.5 billion ringgit (US$607 million) through debt and equity.
- Stanley Choi, chairman of the Head & Shoulders Financial Group, has raised his stake in AirAsia to about 9%.
- Proceeds of the fundraise will help support AirAsia’s fuel-hedging deals, general working expenses, and aircraft lease and maintenance payments, and as well as fund the company’s super app and its BigPay fintech platforms.
Context:
- The airline proposed a private placement of up to 20% of its shares in January, which could raise about 454.5 million ringgit (US$110.4 million)
- In February, AirAsia said it will expand its food delivery services to Singapore.
Editing by Miguel Cordon and September Grace Mahino
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