AirAsia eyes US listing of digital unit
AirAsia Group Bhd is exploring the possibility of listing either its AirAsia Digital or AirAsia SuperApp in the Unted States as early as this year, as Southeast Asia’s second-biggest budget carrier plans to expand its digital operations.
“We’ve received a lot of interest from SPACs,” AirAsia Group chief executive Tony Fernandes said in an interview, referring to special purpose acquisition companies. “We have hired accountants, so we are taking it quite seriously to change our accounts to follow US methods.’’
The plan comes as the Malaysiabased budget airline doubles down on its digital strategy as the pandemic continues to wreak havoc on air travel.
AirAsia announced on Wednesday that it’s buying Gojek’s businesses in Thailand for $50 million through the issuance of shares in AirAsia SuperApp.
“The airline is also expected to announce a transaction soon at BigPay, where a capital raising will give the unit a very nice valuation,” Fernandes said, without providing more details.
The fintech company has also applied for a digital banking licence in Malaysia.
“AirAsia also sees big opportunities in its logistics arm Teleport, with plans to add a freighter plane in September,’’ Fernandes said.
It will receive a leased 737 plane, the first Boeing aircraft on its fleet, as the airline bets on growing demand from online purchases.
“Logistics is ready and ripe for disruption,” Fernandes said. “We can be a freight forwarder, we can be a DHL. Teleport is a diamond in the rough.”
In a separate interview with Bloomberg TV, Fernandes said the company was in the process of working on three other acquisitions.
“We will continue to look for acquisitions that make sense,” he said.
“AirAsia is all about going to a market and disrupting,” Fernandes said. “The airline is about targeting the markets that no one is looking at, giving them value, and growing that ecosystem.”