Malaysian carrier AirAsia to raise up to $238m via rights issue

AirAsia Group plans to raise up to 1b ringgit ($238.72m) through a rights issue, it said on Monday. The airline has been looking to raise funds to weather the global travel slump triggered by the COVID-19 pandemic. The rights issue will be used to fund AirAsia's working capital and other operational costs, and to grow its digital businesses, the company said. "The exercise will provide a platform to seek a fresh funding injection from shareholders to maintain liquidity during the downtime in flying and fuel growth of the key non-airline digital businesses," AirAsia CE Tony Fernandes said.<br/>