Manufacturing Industry
Air Asia receives approval for IPO
Airline Industry Information, Oct 8, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Air Asia, the Malaysia-based low-cost airline, has announced that it has gained full regulatory approval to make an initial public offering (IPO) of 700.51m shares with analysts predicting them to sell at MYR1.50 each.
The airline's group chief executive Tony Fernandes said he believed that listing the airline would allow Air Asia to further strengthen its position in the low-cost air market in Southeast Asia.
Air Asia expects to raise around MYR1bn from the IPO making it the biggest share sale in Malaysia in 2004 so far. In a company statement it was revealed that 23.35m shares have been reserved for employees, directors and business associates, 116.75m shares for the public and 560.4m shares for Malaysian and foreign institutional investors. The IPO is expected to take place on 22 November 2004, reports AFP.
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