AirAsia renamed Capital A to show it''s more than an airline
He said he expects non-airline businesses to contribute half of group revenue by 2026.Like many carriers, AirAsia has been struggling as regional borders closed due to the pandemic.
- Country:
- Malaysia
Malaysia's AirAsia Group said Friday it has changed the name of its listed holding company to Capital A to reflect the diversity of its business portfolio as it seeks to grow its non-airline revenue.
Capital A CEO Tony Fernandes said the COVID-19 pandemic has allowed the group to accelerate plans to grow beyond the airline business to become a “one-stop digital travel and lifestyle services group.'' The airline retains the AirAsia brand name. But the group will focus more on expanding other businesses including logistics, aircraft engineering, venture capital, education, and mobile applications for payments, travel and lifestyle. “It's a significant milestone that marks a new era for the group. Today's announcement is about telling the world that we are much more than an airline,'' Fernandes said. He said he expects non-airline businesses to contribute half of group revenue by 2026.
Like many carriers, AirAsia has been struggling as regional borders closed due to the pandemic. Malaysia's stock exchange earlier this month classified the firm as financially distressed.
Fernandes said domestic travel in key markets is rebounding, with AirAsia filling 80% of seats on offer in the fourth quarter of 2021, with the highest number of passengers since the pandemic began. “We can bounce back as soon as borders are open,'' he said, predicting a return to normal capacity for international services by the third quarter this year.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Tony Fernandes
- Malaysia
- AirAsia Group
- AirAsia
- Fernandes
- Capital A
ALSO READ
Israeli man pleads not guilty to firearms offences in Malaysia
Malaysian lender CIMB Group CEO Abdul Rahman to step down
Malaysian lender CIMB's CEO Abdul Rahman to step down, return to lead PNB
Malaysian Navy helicopters collide in mid-air, 10 killed
Malaysian navy helicopters collide in mid-air, 10 killed