KLCI extends gains as global markets rise
Petrofac gets RM220m Carigali refurbishment job
Bursa Malaysia Derivatives launches revamped options on index futures
Willowglen MSC unit gets RM19.99m of jobs
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UAC surges on Boustead privatisation plan
April inflation seen at 2.1% y-o-y, matches March level
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Categories
| Update AirAsia plans placement |
| Business & Market 2009 | |||
| Written by Isabelle Francis | |||
| Tuesday, 30 June 2009 10:25 | |||
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The budget carrier operator told Bursa Malaysia yesterday further details of the placement would be made available upon the appointment of the proposed agents. AirAsia’s paid-up capital stood at 2.37 billion shares as at March 31, 2009. Based on the stock’s closing share price of RM1.15 yesterday, the exercise could potentially raise up to RM545 million. Bloomberg recently reported AirAsia planned to raise about RM500 million from a share sale, the biggest since its listing in 2004, to fund its expansion. The Sepang-based company had RM224 million cash at the end of March 31. AirAsia has RM6.93 billion debts in its books. Most of the debts are in the form of term loans, secured for the purchase of aircraft such as the A320-200s. In February this year, the leading low-cost airline in Asia mandated Barclays Capital, the investment banking division of Barclays PLC, to finance 15 of its new Airbus A320-200 aircraft. The purchase will bring the group’s fleet to 85 aircraft by early 2010, including those operated by AirAsia’s affiliates Indonesia AirAsia and Thai AirAsia. Three aircraft have so far been delivered under this facility since Dec 31, 2008, with the support of the Export Credit Agencies of the UK, France and Germany. AirAsia became the largest customer of the Airbus A320-200 after it placed a firm order for a total of 175 aircraft in December 2007, with the option for 50 more. Deliveries are expected to run until 2014. AirAsia was one of only a handful of airlines to post a profit in the first quarter this year. AirAsia’s earnings in its March quarter rose 26% to RM203.2 million from a year earlier on higher passenger numbers and additional routes. This article appeared in The Edge Financial Daily, June 30, 2009.
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