Author: Tan KW | Publish date: Fri, 3 Jun 2016, 01:04 PM
This article first appeared in The Edge Financial Daily, on June 3, 2016.
KUALA LUMPUR: AirAsia Bhd is nowhere close to selling its aircraft leasing company Asia Aviation Capital Ltd following a US$1 billion (RM4.15 billion) offer because it is looking to build the business up “a little bit more”.
The group’s co-founder and chief executive officer (CEO) Tan Sri Tony Fernandes said though aircraft leasing is not a long-term business, the group is not planning on “selling it tomorrow”.
Speaking to The Edge Financial Daily on the sidelines of the World Economic Forum on Asean, he said there was plenty of value in Air-Asia that investors were not seeing.
“We have passenger service business, ancillary income business; they are fantastic investments such as the leasing company where we have already seen the offer.
“We are nowhere close to selling it. We are just about to appoint a fantastic CEO and we are looking to build that business up a little bit more.
“Obviously, it’s not a long-term business for us but we are not selling it tomorrow,” he said.
The AirAsia boss was asked to comment further on the possible sale of the Labuan-based Asia Aviation which the group aims to divest “at some point”, according to his interview with Bloomberg Television on Monday.
Fernandes disclosed that apart from one major offer, more interests from reputable companies such as banks, leasing companies and private equities have come forward in the past three days.
“What I was trying to highlight — and I didn’t realise it has become such a big story — is that there’s so much value in AirAsia that investors aren’t seeing,” he said.
On a different matter, Fernandes said the group’s low-cost express courier service business, Redbox, marketed by R Box Asia Pte Ltd, will supplement Pos Malaysia Bhd’s courier service.
“We believe Redbox will disrupt the courier business but we will grow it. For instance, AirAsia did not shrink Malaysia Airlines’ market but we grew it.
“I don’t believe it will be the next FedEx or UPS but we will provide the service to those who have never used the (foreign courier) service because it is costly or difficult.
On May 23, AirAsia signed a memorandum of understanding with Malaysia Airports Holdings Bhd to develop a regional distribution centre for Redbox at the cargo terminal (the former low-cost carrier terminal) in Sepang.
KUALA LUMPUR: AirAsia Bhd is nowhere close to selling its aircraft leasing company Asia Aviation Capital Ltd following a US$1 billion (RM4.15 billion) offer because it is looking to build the business up “a little bit more”.
The group’s co-founder and chief executive officer (CEO) Tan Sri Tony Fernandes said though aircraft leasing is not a long-term business, the group is not planning on “selling it tomorrow”.
Speaking to The Edge Financial Daily on the sidelines of the World Economic Forum on Asean, he said there was plenty of value in Air-Asia that investors were not seeing.
“We have passenger service business, ancillary income business; they are fantastic investments such as the leasing company where we have already seen the offer.
“We are nowhere close to selling it. We are just about to appoint a fantastic CEO and we are looking to build that business up a little bit more.
“Obviously, it’s not a long-term business for us but we are not selling it tomorrow,” he said.
The AirAsia boss was asked to comment further on the possible sale of the Labuan-based Asia Aviation which the group aims to divest “at some point”, according to his interview with Bloomberg Television on Monday.
Fernandes disclosed that apart from one major offer, more interests from reputable companies such as banks, leasing companies and private equities have come forward in the past three days.
“What I was trying to highlight — and I didn’t realise it has become such a big story — is that there’s so much value in AirAsia that investors aren’t seeing,” he said.
On a different matter, Fernandes said the group’s low-cost express courier service business, Redbox, marketed by R Box Asia Pte Ltd, will supplement Pos Malaysia Bhd’s courier service.
“We believe Redbox will disrupt the courier business but we will grow it. For instance, AirAsia did not shrink Malaysia Airlines’ market but we grew it.
“I don’t believe it will be the next FedEx or UPS but we will provide the service to those who have never used the (foreign courier) service because it is costly or difficult.
On May 23, AirAsia signed a memorandum of understanding with Malaysia Airports Holdings Bhd to develop a regional distribution centre for Redbox at the cargo terminal (the former low-cost carrier terminal) in Sepang.
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