Report: AirAsia lands $82m from TPG Capital execs, Aimia, others

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.