AirAsia undergoes restructuring to regain momentum
Malaysian budget carrier AirAsia is undergoing a major restructuring led by its parent company Capital A as it starts to regain momentum following the pandemic.
Kuala Lumpur (VNA)ಞ - Malaysian budget carrier AirAsia is undergoing a major restructuring led by its parent company Capital A as it starts to regain momentum following the pandemic.
The restructuring of the regional airline, announced in April, would consolidate its short-haul and long-haul brands, seeking more efficient operations as the group faces growing competition.
According to the plan, Capital A would divest 100% of its shares in its two short-haul subsidiaries to a new company, AirAsia Group, for 1.4 billion USD. Capital A would receive AirAsia Group shares, retaining direct ownership of 18.39% in the new company.
The new company would also hold shares in AirAsia X, AirAsia's sister company that offers long-haul services, and succeed AirAsia X's listing status on the local stock exchange./.
AirAsia Group of Malaysia said on November 24 that its net loss for the third quarter widened year-on-year due to the depreciation of right-of-use assets and lower travel demand.
Malaysian budget carrier AirAsia Group will restart all domestic routes from July, Chief Executive Officer Tony Fernandes said on June 15, after the government eased movement curbs for containing the coronavirus.
Malaysian Minister of International Trade and Industry Azmin Ali has said the merger of national flag carrier Malaysia Airlines and budget airline AirAsia is one of the options to save them as the COVID-19 has battered the aviation industry.
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