AirAsia X to be renamed AirAsia from Jan 19, founder says

[KUALA LUMPUR] AirAsia X will be renamed AirAsia from Jan 19 as low-cost carrier AirAsia reaches the final stages of its restructuring to consolidate all aviation businesses under a single entity, according to its founder Tony Fernandes. 

“AirAsia will be one airline group and one brand,” Fernandes said in a Linkedin post on Tuesday (Jan 13). AirAsia X – which currently only operates long-haul AirAsia flights – is currently in the midst of completing its US$1.7 billion acquisition of short-haul aviation businesses from sister company Capital A. 

Capital A will also apply to be removed from its financially distressed classification on the same day, Fernandes said. Capital A has been classified as PN17, a category for financially distressed companies established by Bursa Malaysia since the pandemic. Following the disposal of the airline business, Capital A will be a holding company for the group’s non-aviation businesses. 

AirAsia is finalising new aircraft orders, which will reduce its costs and increase its margin, Fernandes said. The founder is aiming for a 30 per cent margin on earnings before taxes, depreciation, and amortisation, and aims to “double the stock price very soon”. BLOOMBERG