AirAsia CEO plans PH IPO to fund expansion, aims for Manila as key transit hub
AirAsia CEO Tony Fernandes announced on Wednesday that the company plans to go public in the Philippines within 12 months to fund its expansion.
Fernandes stated during an online press conference that AirAsia is considering either an initial public offering or a backdoor listing, aiming to sell around 20 to 30 percent of its shares.
The funds raised will primarily be used for acquiring more aircraft and supporting the airline's growth plans, including making the Philippines a key transit point to the US.
AirAsia expects to receive 14 additional planes this year, with three to four destined for the Philippines, aiming to expand its fleet there to 25 aircraft.
The company is optimistic about the Philippines due to ongoing airport developments and sees Manila as a potential hub connecting ASEAN countries to North America and beyond.
AirAsia Group Chief Executive Officer Anthony Francis Fernandes expressed confidence in the Philippines' growth trajectory, citing improvements in airport infrastructure as key factors driving this decision.
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