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AIRASIA GROUP BERHAD

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Malaysia's Raya Airways denies acquisition talks with AirAsia

01/24/2022 | 04:58am EDT
FILE PHOTO: AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (COVID-19), in Sepang

KUALA LUMPUR (Reuters) - Malaysian air cargo carrier Raya Airways has denied being in talks with budget airline AirAsia Group Bhd for an acquisition, it said in a statement on Monday.

The company said the news reported over the weekend by The Edge Weekly about ongoing talks was factually incorrect.

The weekly reported that the airline has approached businessman Ishak Ismail whose family owns Raya Airways, to acquire the carrier, and are in early conversations.

"After consulting with Raya's shareholders and Board of Directors, we would like to clarify that Raya and its subsidiaries/affiliate companies are not in any talks with AirAsia Group Berhad or any other parties for the acquisition of the Company or any part of its businesses," it said.

The carrier said its operational and financial position is strengthening and it is committed to the next stage of growth.

(Reporting by Liz Lee; Editing by Emelia Sithole-Matarise)


© Reuters 2022
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Analyst Recommendations on AIRASIA GROUP BERHAD
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Financials
Sales 2022 6 337 M 1 444 M 1 444 M
Net income 2022 -1 273 M -290 M -290 M
Net Debt 2022 14 572 M 3 320 M 3 320 M
P/E ratio 2022 -2,76x
Yield 2022 -
Capitalization 2 913 M 664 M 664 M
EV / Sales 2022 2,76x
EV / Sales 2023 1,62x
Nbr of Employees 14 778
Free-Float 55,3%
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Mean consensus HOLD
Number of Analysts 15
Last Close Price 0,70 MYR
Average target price 0,75 MYR
Spread / Average Target 6,67%
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Anthony Francis Fernandes Group CEO & Non-Independent Executive Director
Pattra Boosarawongse Chief Financial Officer
Kamarudin bin Meranun Non-Independent Non-Executive Chairman
Kin Choy Lau Group Head-Information & Communication Technology
Nadzri Hashim Head-Engineering
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