Capital A is looking to list low-cost carrier AirAsia and its proprietary super app on the New York Stock Exchange, believing the time is right for the IPOs, reported the Financial Times.
Tony Fernandes, AirAsia Group’s chief executive / Photo credit: World Travel & Tourism Council
According to Capital A CEO Tony Fernandes, the group has already begun its compliance work. He said the AirAsia listing will be slated for “sometime next year,” and the AirAsia super app will follow after that. He also believes he will be able to bring on investors based on his past success when he went from an entertainment industry executive to an airline operator.
During the pandemic, the group – which primarily operated the low-cost carrier – moved to ecommerce and other digital businesses like ride-hailing and fintech.
See also: Org chart: The C-suites powering Capital A
Capital A’s shares on the Malaysian stock exchange are still under Practice Note 17 – a sign of a listed company in financial distress. However, Fernandes insisted that it is an accounting issue that “doesn’t reflect the fundamentals of the company.”
Editing by Miguel Cordon and Jaclyn Tiu
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