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--AirAsia chief executive says Thai and Indonesia units to
launch IPO by the second quarter
--Thai unit likely to file an
application for listing this week
(
SINGAPORE --Malaysian budget carrier AirAsia Bhd.
(5099.KU) plans to list its units in Thailand and Indonesia by the second
quarter of this year, its chief executive said Monday, in a move that will help
the budget carrier raise cash to expand its operations.
AirAsia Chief
Executive Tony Fernandes said in an interview with Dow Jones Newswires that the
Thai unit will file an application this week for a listing on the stock exchange
of Thailand sometime in the first quarter, while Indonesia AirAsia plans to
complete its listing in Jakarta in the second quarter. The executive didn't say
how much the company aims to raise from the IPOs.
"I think it's a good
time to (do an) IPO," Fernandes said. "The markets are good and the interest is
there."
Fernandes' comments come as markets across Asia have rallied
since the beginning of this year after volatility in 2011 that led to the
cancellation or postponement of major initial public offerings. For instance,
U.K. soccer club Manchester United delayed plans for a US$1 billion Singapore
stock offering, while Malaysia's Axis Global Islamic REIT had pushed back a
possible US$650 million listing in Kuala Lumpur, according to people familiar
with the matter.
Fernandes is also hopeful that AirAsia X, the long-haul
low-cost carrier unit of Southeast Asia's largest budget airline by fleet size,
would launch its IPO in Malaysia this year.
"I think we have dealt with
the issues that delayed the (AirAsia X) IPO" by shedding its European routes and
securing route rights to Sydney, said Fernandes.
Like many airlines,
AirAsia has been struggling with high fuel costs and slowing demand. The company
reported a 53% slump in its third-quarter net profit to MYR152.3 million,
primarily due to higher fuel expenses, while its AirAsia X unit recently said it
will end flights to Europe and India by March amid weak demand and rising costs.
Fernandes also reported progress in AirAsia's recent joint ventures,
noting that AirAsia Philippines is scheduled to start flights in March, while
AirAsia Japan--a joint venture with All Nippon Airways--is due to launch
operations in August after securing official certification last week.
Besides a potential listing, AirAsia X is also likely to introduce new
routes this year, adding to its first-mover advantage that could help it fend
off competition from Singapore Airlines Ltd.'s (C6L.SG) new long-haul budget
carrier unit Scoot, Fernandes said
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