Business

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



© Reuters. FILE PHOTO: An Airasia plane is seen parked at Kuala Lumpur International Airport 2, amid the coronavirus disease (COVID-19) outbreak in Sepang, Malaysia October 6, 2020. REUTERS / Lim Huey Teng

(Reuters) -Malaysia’s AirAsia Group Bhd on Friday said it has changed its name to Capital A Bhd to reflect its growing business portfolio beyond the core budget airline industry.

The airline business has been hit hard during the pandemic due to strict travel rules in Asia, prompting Malaysia’s stock exchange to until this month classify the company as hard-hit. finance even though they raised capital to strengthen their balance sheets.

The group proposed a name change on January 3.

Capital A has been investing heavily in its payments business BigPay, its logistics arm Teleport and its mobile Super App to gain other revenue streams, although they are still in a growth and loss phase. loss for the quarter ended September 30, 2021.

“Over the past two years, we’ve gone through a downturn in air travel to build a strong foundation for a viable and successful future that doesn’t rely solely on airline tickets,” said the CEO. Capital A executive Tony Fernandes said in a statement.

The airline business will retain the AirAsia brand, which is famous in Asia, he added.

Fernandes told reporters at a launch event in Kuala Lumpur that the carrier, which has five affiliated airlines, including long-haul operator AirAsia X, planned to introduce two more this year. its stability. However, he declined to provide further details.

The group is also looking to raise around 1 billion ringgit this year, said Fernandes, as it continues efforts to regulate its finances.

“The team has enough liquidity … we are very focused on growth and adding value,” he said.

On Thursday, the carrier said it filled 80% of the seats offered in the fourth quarter of 2021 and had its highest passenger numbers since the start of the pandemic as travel rules began to be relaxed. liquid.

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