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AirAsia changes name to Capital A as it grows beyond an airline

The company's airline business has been hard-hit during the pandemic due to strict travel rules in Asia, leading Malaysia's stock exchange to this month classify the firm as financially distressed though it has been raising funds to bolster its balance sheet.

January 28, 2022 / 10:41 AM IST
Representative image

Representative image

Malaysia's AirAsia Group Bhd said on Friday it had finalised the name change of its listed holding company to Capital A Bhd as it seeks market recognition of its growing portfolio of businesses beyond the core budget airline.

The company's airline business has been hard-hit during the pandemic due to strict travel rules in Asia, leading Malaysia's stock exchange to this month classify the firm as financially distressed though it has been raising funds to bolster its balance sheet.

Capital A has been investing heavily in payments business BigPay, logistics arm Teleport and its mobile Super App to gain other sources of revenue, though they remain in growth phases and were loss-making in the quarter ended Sept. 30, 2021.

"Over the past two years we have spent the downturn in flying building a solid foundation for a viable and successful future, which is not solely reliant on airfares alone," Capital A Chief Executive Tony Fernandes said in a statement.