AirAsia group CEO, Tony Fernandes, is planning to raise funds for expansion by listing AirAsia X, Indonesia AirAsia and Tune Insurance on the Malaysian stock exchange, Bursa Malaysia, next year, according to Agence France-Presse (AFP).
AirAsia chairman, Abdul Aziz bin Abu Bakar, was quoted by AFP as saying that the triple IPO was slated for launch by early 2013, and that cash generated from the listing would be used to fund future expansion.
An unidentified source familiar with the deal told AFP that the three listings would be worth a combined US$400 million to US$550 million.
The planned IPO is timely given Bursa Malaysia’s growing reputation as a hotbed for successful stock listings. The bourse has seen three of the four largest IPOs in Asia this year, including those of pay-TV broadcaster Astro Malaysia Holdings, palm oil producer Felda Global Ventures Holdings and hospital operator IHH Healthcare.
-TTG Asia.
www.airasia.com
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