AirAsia changes name to Capital A as it grows beyond an airline

Airlines, Budget

28/1/2022 6:35:00 PM

AirAsia changes name to Capital A as it grows beyond an airline

ReutersMalaysia's AirAsia Group Bhd said on Friday (Jan 28) it had changed its name to Capital A Bhd to reflect its growing portfolio of businesses beyond the core budget airline.The airline business has been hard-hit during the pandemic due to strict travel rules in Asia, leading Malaysia's stock exchange to this month classify the firm as financially distressed though it has been raising funds to bolster its balance sheet.

The group proposed changing its name on Jan 3.Capital A has been investing heavily in payments business BigPay, logistics arm Teleport and its mobile Super App to gain other sources of revenue, though they remain in growth phases and were loss-making in the quarter ended Sept 30, 2021.

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AirAsia changes name to Capital A as it grows beyond an airlineKUALA LUMPUR — Malaysia's AirAsia Group said on Friday (Jan 28) it had finalised the name change of its listed holding company to Capital A as it seeks market recognition of its growing portfolio of businesses beyond the core budget airline.

AirAsia changes name to Capital A as it grows beyond an airlineThe company's airline business has been hard-hit during the pandemic due to strict travel rules in Asia, leading Malaysia's stock exchange to this month classify the firm as financially distressed though it has been raising funds to bolster its balance sheet. Capital A has been investing heavily in payments business BigPay, logistics arm Teleport and its mobile Super App to gain other sources of revenue, though they remain in growth phases and were loss-making in the quarter ended Sept. 30, 2021.

AirAsia renamed Capital A to show it's more than an airlineKUALA LUMPUR: Malaysia\u0027s AirAsia Group said on Friday (Jan 28) it has changed the name of its listed holding company to Capital A to reflect the diversity of its business portfolio as it seeks to grow its non-airline revenue. Capital A CEO Tony Fernandes said the COVID-19 pandemic has allowed the grou

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Airasia planes are seen parked at Kuala Lumpur International Airport 2, amid the coronavirus disease (Covid-19) outbreak in Sepang, Malaysia, on Oct 6, 2020. Reuters Malaysia's AirAsia Group Bhd said on Friday (Jan 28) it had changed its name to Capital A Bhd to reflect its growing portfolio of businesses beyond the core budget airline. The airline business has been hard-hit during the pandemic due to strict travel rules in Asia, leading Malaysia's stock exchange to this month classify the firm as financially distressed though it has been raising funds to bolster its balance sheet. The group proposed changing its name on Jan 3. Capital A has been investing heavily in payments business BigPay, logistics arm Teleport and its mobile Super App to gain other sources of revenue, though they remain in growth phases and were loss-making in the quarter ended Sept 30, 2021. "Over the past two years we have spent the downturn in flying building a solid foundation for a viable and successful future, which is not solely reliant on airfares alone," Capital A Chief Executive Tony Fernandes said in a statement. The airline business will retain the AirAsia brand, which is well known in Asia, he added. [[nid:538887]] Fernandes told reporters at a launch event in Kuala Lumpur the carrier, which has five affiliate airlines including long-haul operator AirAsia X, planned to introduce two more to its stable. He declined, however, to give further details. The group is also seeking to raise about 1 billion ringgit this year, as it continues efforts to regularise its finances, Fernandes said. "The group has more than enough liquidity... we're very focused on growing and adding value," he said. The carrier on Thursday reported it filled 80 per cent of seats on offer in the fourth quarter of 2021 and had the highest number of passengers since the start of the pandemic as travel rules began to ease. If you don’t like our faces, listen to our fortnightly podcast E-Junkies where we lepak one corner with famous people #