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    AIRASIA   MYL5099OO006

AIRASIA GROUP BERHAD

(AIRASIA)
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Thai AirAsia parent plans $419 mln fundraising for travel resumption

10/20/2021 | 07:13am EST
FILE PHOTO: Thai AirAsia Airbus A320 plane prepares for take off at Don Mueang International Airport in Bangkok

BANGKOK, Oct 20 (Reuters) - Thai AirAsia's parent firm, Asia Aviation Pcl (AAV) on Wednesday said it is seeking to raise 14 billion baht ($419.29 million) as part of restructuring to prepare for a regional travel restart.

"As we gear up and ready ourselves for travel resumption post-COVID, necessary changes are required for our capital raising and revenue management strategy," AAV Executive Chairman Tassapon Bijleveld said on Wednesday.

Shares of AAV, which owns 55% of Thai AirAsia, fell over 7% on the announcement before recovering to a 3% decline on the Thai bourse, against an index gain of 0.4%.

Malaysia's AirAsia Group Bhd owns the remaining stake in Thai AirAsia.

AAV said it would issue convertible bonds and new shares worth 14 billion baht and aims to hold all shares in Thai AirAsia and boost the airline's liquidity.

The announcement comes ahead of re-opening plans https://www.reuters.com/world/asia-pacific/thailand-end-quarantine-some-vaccinated-visitors-nov-pm-2021-10-11 that would allow vaccinated arrivals from five countries including Britain and Singapore to skip quarantine from November.

"We are also looking forward to recommencing our key international routes in the near future in light of the Thai government's country reopening plan," Tassapon said, adding that he expects domestic operations to return to 100% by January.

The restructuring, expected to conclude in the first quarter of next year, includes new shares worth 8.8 billion baht in a private placement to AirAsia Group, plus six high net-worth Thai investors, including Palin Lojanagosin, owner of advertising firm, Plan B Media Pcl, according to the filing.

Bangkok Bank Pcl and a fund managed by Morgan Stanley will be offered 2.2 billion in convertible bonds and new shares worth 3 billion baht will be offered to existing shareholders.

Earlier this year, seven Thai carriers, including Thai AirAsia, asked https://www.reuters.com/article/thailand-airlines-loans-idUKL4N2OX11U the government for soft-loans worth 5 billion baht for support. ($1 = 33.3900 baht) (Reporting by Chayut Setboonsarng; Editing by Martin Petty)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP BERHAD -1.18% 0.84 End-of-day quote.-5.08%
ASIA AVIATION PUBLIC COMPANY LIMITED 1.61% 2.52 End-of-day quote.6.78%
BANGKOK BANK PUBLIC COMPANY LIMITED 0.00% 114.5 End-of-day quote.-3.38%
PLAN B MEDIA PUBLIC COMPANY LIMITED 0.00% 6.65 End-of-day quote.6.40%
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Financials
Sales 2021 1 332 M 315 M 315 M
Net income 2021 -2 596 M -614 M -614 M
Net Debt 2021 14 474 M 3 422 M 3 422 M
P/E ratio 2021 -1,27x
Yield 2021 -
Capitalization 3 274 M 774 M 774 M
EV / Sales 2021 13,3x
EV / Sales 2022 2,32x
Nbr of Employees 21 059
Free-Float 60,7%
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Number of Analysts 18
Last Close Price 0,84 MYR
Average target price 0,89 MYR
Spread / Average Target 5,95%
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Anthony Francis Fernandes Group CEO & Non-Independent Executive Director
Pattra Boosarawongse Group 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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