AirAsia proposes name change to Capital A Bhd

Air Asia proposes name change to Capital A Bhd

Air Asia proposes name change to Capital A Bhd

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KUALA LUMPUR (Jan 3): AirAsia Group Bhd has proposed to change its name to Capital A Bhd, subject to shareholders’ approval at a general meeting to be convened at a date to be announced later.

In a filing to Bursa Malaysia on Monday (Jan 3), the low cost airline said the proposed name “Capital A Bhd” has been approved by the Companies Commission of Malaysia and reserved by the company on Dec 28, 2021.

“A circular to shareholders with details of the proposed change of name will be issued to the shareholders in due course. The proposed change of name, if approved by the shareholders, will take effect from the date of issuance of the Notice of Registration of New Name by the CCM to the company,” it said. 

As the Covid-19 pandemic continues to impact the aviation industry, the airline reported a net loss of RM887 million for its third quarter ended Sept 30, 2021 (3Q2021), up 4.1% from the RM851.78 million it incurred during 3Q2020, as the Malaysian and Indonesian markets continued to face travel restrictions; while quarterly revenue fell 36.9% to RM295.89 million from RM468.94 million.

The net loss was also due to investment in technology, talent and network as AirAsia continued to scale up its digital super app and its air cargo division Teleport, the company said in a bourse filing last November.

More recently, the airline said it had achieved over RM2.5 billion through fundraising that will provide strong liquidity for the group to ramp up its operations in 2022, after completing in December 2021 its renounceable rights issue that raised RM974.5 million.

Shares in AirAsia ended 1.5 sen or 1.90% higher at 80 sen on Monday (Jan 3), giving it a market capitalisation of RM3.14 billion.

Tan Choe Choe