The founders of AirAsia are reported to be sounding out investors to take the company private in a management-led buyout, after its shares took a beating this year following a critical research report.
AirAsia boss Tony Fernandes and his long-time business partner Kamarudin Meranun are working with banks to secure financing for the transaction, which could be launched over the next few months, according to Reuters news agency.
The airline's market value has fallen 40 percent to MYR3.51 billion ringgit (USD$803 million) since Hong Kong-based GMT Research questioned AirAsia's accounts in a report in June.
The report came as AirAsia was under pressure to turn around its loss-making affiliates and was being squeezed by industry overcapacity in a low-margin business.
Group chief executive Fernandes, who has led the airline's rise from a two-plane operation in 2002 to a billion-dollar business, has steadfastly defended the company's finances and outlook and said the market was undervaluing it.
Tune Air, jointly owned by Fernandes and Meranun, owns about 19 percent of AirAsia. The plan to take the airline private comes a decade after it was listed on the Kuala Lumpur stock exchange.
Uzbekistan Airways and Lufthansa Technik have renewed their cooperation with a long‑term agreement extending comprehensive component support for the airline’s Boeing 787 Dreamliner and Airbus A3...
Global Jet Capital has released its sixth annual Business Jet Market Forecast, outlining a confident outlook for the sector. The updated analysis anticipates steady expansion over the next five years,...
TARMAC Aerosave, Europe’s leading specialist in aircraft storage, maintenance, dismantling and recycling, has announced an expanded collaboration with AerFin, the global aviation asset‑managemen...
Samson Sky, developer of the Switchblade Flying Car, announced it has secured an $80 million investment from Dubai‑based Matin Group. According to Sam Bousfield, CEO, Founder...
