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AirAsia Group raises $233m to ramp up operations next year

AirAsia Group, controlled by Malaysian tycoons Tony Fernandes and Kamarudin Meranun, expects a strong rebound in air travel across south-east Asia in the coming months as the budget carrier raises $233 million from a rights issue.

AirAsia and other existing shareholders affirmed that the raising exercise should see the listing of seven-year redeemable convertible unsecured Islamic debt securities (RCUIDS) and warrants. Tony Fernandes, AirAsia Group chief executive, said that the rights issue is a vital component of our overall fund-raising strategy supporting a rebound in air travel across ASEAN in 2022.”

“We are gradually resuming flights in all of our key markets and look forward to returning to pre-Covid-19 levels on many of our popular routes in the new year alongside strong vaccination rates, better testing procedures, and education in all of our markets.” The funding will provide strong liquidity for the airline to ramp up operations through next year.

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