By Liz Lee
KUALA LUMPUR, July 7 (Reuters) – Malaysia’s low-cost airline AirAsia Group Bhd AIRA.KL is contemplating an inventory of its digital arm by way of a special-purpose acquisition firm (SPAC) in america to lift not less than $300 million, its chief mentioned on Wednesday.
Group Chief Govt Tony Fernandes informed Reuters in a digital interview that just a few SPACs centered on expertise have approached the group, and AirAsia has engaged auditors for a deal to checklist the unit, which includes a journey and way of life providers platform, logistics and fintech companies.
“We’ve now recruited our auditors to begin getting ready for an American itemizing in order that’s very a lot on the desk,” he mentioned, including that Rothschild is engaged on the itemizing that might occur in 5 months.
The group can be in discussions with different suitors, together with Malaysian and Indonesian non-public fairness, Fernandes added.
Mergers and acquisition exercise and SPAC offers have surged in Asia, with Southeast Asia’s largest ride-hailing and meals supply agency Seize heading for a U.S. itemizing by way of a hefty $40 billion merger with a SPAC.
Fernandes, carrying a vivid pink cap with the phrases “Make AirAsia Fly Once more”, additionally mentioned that talks with an U.S. firm over a mortgage of $1 billion for the digital enterprise can be close to conclusion, with a time period sheet already ready.
AirAsia had earlier introduced that it’ll purchase Indonesian ride-hailing and funds agency Gojek’s Thailand enterprise in a inventory swap, giving Gojek a 4.76% stake price $50 million within the airline’s way of life platform.
The deal values the AirAsia SuperApp division at round $1 billion, greater than the pandemic-hit airline’s present market worth of $868 million at a time when it has been trying to increase extra capital.
AirAsia has been trying since final yr to lift as much as 2.5 billion ringgit ($600.96 million) to climate the hunch in world journey.
Fernandes mentioned the group may announce updates on its financing as quickly as subsequent week, and {that a} government-guaranteed mortgage was additionally being processed.
Individually at one other digital briefing, AirAsia mentioned Thai AirAsia will checklist on the native inventory change in about three to 4 months.
($1 = 4.1600 ringgit)
(Reporting by Liz Lee in Kuala Lumpur and extra reporting by Chayut Setboonsarng in Bangkok; Modifying by Martin Petty and Louise Heavens)
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