AirAsia Philippines revives IPO plans

AirAsia Philippines has revived its initial public offering (IPO) plans, targeting a public listing within the next 12 months to fund its expansion, according to the company’s top executive. “My confidence in the Philippines has grown because finally the airports are being sorted out. I think now with the airport development that is happening in Manila, we can start to see Manila as one of our important hubs,” AirAsia Group CEO (CEO) Anthony Francis Fernandes said during a briefing on Wednesday. Capital A Berhad, the owner of the AirAsia Aviation Group, recently secured approval from the Malaysian stock exchange for its regularization plan to exit its PN17 status, a classification issued by the Malaysian bourse for companies in financial distress. As part of its restructuring, Capital A will focus on non-aviation businesses while retaining an 18% stake in aviation. Its aviation business will be under AirAsia X Berhad (AAX). “We are exploring having a direct listing on the Philippine Stock Exchange. We might be looking at selling 20-30% once aviation is sorted out,” Fernandes said, adding that the company is more interested in a public listing than selling to a private investor. AAX earlier announced a mutual agreement with Capital A to extend the timeline for completing the proposed acquisition of the group’s aviation business. <br/>